17 Sep 2021
SARB imposes administrative sanctions on two life insurers
By Staff Writer
The South African Reserve Bank (SARB) has imposed administrative sanctions on two life insurers and directed them to take remedial action. In a statement this afternoon, the SARB says it found weaknesses in each of the life insurers’ money laundering control measures following inspections conducted in terms of the Financial Intelligence Centre Act 38 of 2001, as amended (FIC Act) during 2019.