Major South African bank hit with huge fine over anti-money laundering failures

Major South African bank hit with huge fine over anti-money laundering failures

The South African Reserve Bank has fined one of the country's largest retail lenders R28 million over anti-money laundering compliance failures.

Capitec Fined R28 Million After Reserve Bank Uncovers Compliance Failures

Capitec cooperated throughout the process and has already taken steps to fix the deficiencies and control gaps the inspection identified.

Capitec Bank hit with R28 million fine for FICA compliance violations

Capitec Bank faces R28m in Prudential Authority penalties after FICA breaches in customer checks, AML controls and training, with part of the fine suspended.

FICA penalties for three financial institutions total R35.6m – Moonstone Information Refinery

The Prudential Authority (PA) announced on 11 September 2026 that it had imposed financial penalties totalling R35.6 million on Capitec Bank, Ninety One Assurance, and Albaraka Bank for non-compliance with the Financial Intelligence Centre Act (FICA) identified during inspections conducted between 2021 and 2023. Although the inspections took place several years ago, the 36-month suspension periods attached to portions of the penalties commenced …

Capitec slapped with R28m fine for anti-money laundering compliance failures

The Prudential Authority (PA) has imposed administrative sanctions on Capitec Bank after identifying several failures to comply with South