South African central bank fines HSBC for lax money laundering controls

(Reuters) - South Africa's central bank on Friday fined HSBC's local business 15 million rand (844,927 pounds) for weaknesses in its processes meant to detect money laundering and terrorism financing, and ordered the bank to fix the problems. The Prudential Authority (PA), which sits within the South African Reserve Bank (SARB) and monitors the country's lenders, said HSBC's South African branch had already taken the measures required to address the issues."Certain weaknesses were identified in..