South African Reserve Bank, The Prudential Authority has slapped a reduced penalty of 400,000 South African rand, on Bank of Baroda, South Africa, for failure to comply with the cash threshold reporting requirement in terms of section 28 of the Financial Intelligence Centre (FIC) Act, of South Africa.
Bank of Baroda lodged an appeal and the Appeal Board reduced the 11 million rand financial penalty to 400,000 rand.
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.
