African Bank overcomes regulatory challenges in only 3 months and complies with AML/CFT standards

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Case Study

African Bank is a South African commercial Bank with just over 4,000 employees who operate out of a central office in Midrand, Johannesburg and 395 branches countrywide. African Bank’s vision is to positively impact peoples’ lives by offering innovative value-add products. Its brand purpose is humanity through banking expressed in the new pay-off line ‘We are You‘. The bank employees are proud of their unique culture, which has enabled them to resiliently endure a very difficult period. Residual Debt Services Limited (previously African Bank Limited) (“Residual Bank“) was placed under curatorship on 10 August 2014 in terms of the Banks Act, 1990, (“Banks Act“). Thomas Winterboer was appointed as the curator to manage the affairs of Residual Bank, subject to the supervision of the Registrar of Banks.
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