South African Reserve Bank imposes administrative sanctions on Discovery Life Limited
Last Modified Date:
2021-04-01, 05:04 PM
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The South African Reserve Bank (SARB) has imposed administrative sanctions on Discovery Life Limited (Discovery Life) and directed the life insurer to take remedial actions. The SARB found weaknesses in the life insurer’s money laundering control measures following an inspection conducted in April 2019 in terms of the Financial Intelligence Centre Act 38 of 2001 (FIC Act).