# The Prudential Authority has imposed administrative sanctions and a three-million-rand financial penalty on Discovery Bank for non-compliance with the Financial Intelligence Centre Act. The bank was cited for inadequate anti-money-laundering controls, including failing to report 24 suspicious transactions on time and not providing mandatory staff training to many employees, including senior managers. Discovery Bank stated it has cooperated and remediated the issues, noting no actual money laundering was found.
Discovery Bank hit with R3-million fine over non-compliance