The board and management of boutique wealth management firm Sasfin "deeply regret" the fraudulent activity that took place in the organisation, it noted in its full-year results announcements for this year.
"We are acutely aware of the devastating impact of financial crime in South Africa, of which Sasfin has also been a direct victim."
Sasfin employees allegedly helped Gold Leaf Tobacco launder money in an intricate web, which the group describes as the "activities of a criminal syndicate of former clients and staff, working outside of their scope of employment of the now closed-down forex business of Sasfin Bank".
"Since discovering this syndicate, Sasfin took significant steps, which included laying criminal charges against the implicated employees, responsibly exiting the forex business at a considerable cost, and taking steps to further strengthen its compliance and control environments," it says.
Fine
This story is from the October 24, 2024 edition of The Citizen.
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This story is from the October 24, 2024 edition of The Citizen.
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