The South African Reserve Bank have put certain controls in place through the introduction of the Financial Intelligence Centre Act, No. 38 of 2001, better known as FICA to effectively fight money laundering and combating the financing of terrorism.
In terms of FICA, banks are required to verify customers’ details by collecting supporting document known as (KYC) documents. KYC documents normally consist of your green barcoded ID or the newly introduced Smart ID card as well as your proof of physical address.
Standard Bank has been filled with the spirit of IRONMAN and the anticipation continues to mount as we count down the weeks to Africa's biggest race of the year in Port Elizabeth, South Africa, at the end of March.
As part of our commitment to moving our clients, staff and athletes forward, we are introducing a series of fitness training blogs providing professional guidance, information and tips to get you race ready.
This morning we released our financial results for 2014. Standard Bank Group continued steady growth in Africa during the year following a steady realignment of the our resources to focus on the continent, including the sale of 60% of our global markets business outside Africa to our strategic partner, ICBC.
Headline earnings from continuing operations increased 20% to R21,1-billion, boosted by good revenue growth of 15%. However, our headline earnings were affected by the performance of the discontinued global markets outside Africa business and increased by only 1% to R17,3-billion.