The South African Reserve Bank’s Prudential Authority has published administrative sanctions against Capitec Bank Limited for noncompliance with the Financial Intelligence Centre Act following a 2023 inspection. The sanctions comprise five cautions and financial penalties totaling ZAR 28 million, of which ZAR 5.5 million is conditionally suspended for 36 months from Oct. 13, 2025. The breaches involved inadequate customer, enhanced and ongoing due diligence on sampled client files, as well as failures to provide ongoing employee training. Capitec also lacked required approvals, documentation, policies and controls for aspects of anti-money laundering screening, terrorist property reporting and financial sanctions. The bank has cooperated with the Prudential Authority to remediate the identified deficiencies and control weaknesses.
2026-09-11South African Reserve Bank
South African Reserve Bank’s Prudential Authority discloses ZAR 28 million penalty and five cautions against Capitec
The South African Reserve Bank’s Prudential Authority has disclosed five cautions and ZAR 28 million in penalties against Capitec for Financial Intelligence Centre Act breaches identified in a 2023 inspection. The failures covered due diligence, employee training and controls for anti-money laundering screening, terrorist property reporting and financial sanctions, with ZAR 5.5 million of the penalty conditionally suspended for 36 months.