“While Nedbank has paid the financial penalty and acknowledged the administrative shortcomings present at the time in 2019, it would like to highlight that the lengthy delays in the promulgation of the amended FIC Act had particular adverse implications for Nedbank,” the bank said in a statement on Saturday.
Nedbank contends that the extended delays in the definition of requirements affected the timeous finalisation of system requirements and the bank’s comprehensive information technology transformation programme was already “well under way”.
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