The bank has been hit with such a big fine for breaking important rules related to its former foreign exchange business.
Out of the fine, R49.1 million is currently being suspended so the bank really owes R160.6 million.
Still, that’s a pretty penny for messing up. These penalties are tied to portions of the Banks Act and Financial Intelligence Centre Act which are key laws that govern how banks should operate safely and fairly.
Sasfin Bank has said that it is cooperating with the authorities but that they might eventually decide to challenge the fine (by taking legal action).
The fine is just one of several problems the bank has faced, especially with its foreign exchange business, which has also been hit with a massive R4.87 billion claim from the tax authorities earlier this year.