Well done to FNB for fighting *******ion

<p>Why FNB dumped the Guptas<br />The FirstRand Group has revealed why it closed the Guptas’ bank accounts. </p> <p>FirstRand closed the Guptas’ bank accounts because it suspected they were being used for money laundering, the banking group said in a High Court affidavit.</p> <p>The Sunday Times reported that the affidavit was the first to be filed in the Pretoria High Court in response to an application from Finance Minister Pravin Gordhan.</p> <p>Gordhan wants the court to declare that the government has no authority to intervene in the decision by the big four banks – Absa, FNB, Nedbank, and Standard Bank – to no longer do business with the Guptas.</p> <p>In the affidavit, FirstRand CEO Johan Burger wrote that they terminated the business relationship because of the associated reputational and business risks.</p> <p>Burger said they have an obligation to comply with international best practices, as it is expected from the SA Reserve Bank.</p> <p>Apart from its obligations under South African law, FirstRand also has to keep UK and US regulations in mind – due to transactions and counter-party relationships not being limited to South Africa.</p> <p>http://mybroadband.co.za/news/banking/190418-why-fnb-dumped-the-guptas.html</p>