File: A photo of Sanlam's head office. eNCA
JOHANNESBURG - The Reserve Bank continues to crack down on companies that are too soft on money laundering.
In its latest move, the bank imposed administrative sanctions on Sanlam Life and Fedgroup Life.
Sanlam Life faced a penalty of R1-million excluding an amount of R500,000, which was suspended for three years.
Fedgroup Life was fined R140,000.
The SARB stresses that the life insurers were not found to have facilitated illicit transactions but were fined because they were found to have weak measures to prevent money laundering.