The South African Reserve Bank (Sarb) has fined five banks and directed them to take "remedial action" after finding "weaknesses" in their controls to combat money laundering and the financing of terrorism.

Investec Bank received the largest fine at 20 million rand ($1.45 million). It was also told to address deficiencies around "failure to implement adequate processes and working methods in relation to the sanctions screening of related parties of customers to ensure that the bank complies with