Capitec Bank fined R28 million by Prudential Authority for AML compliance failures

The Prudential Authority (PA) has imposed financial penalties totaling R28 million on Capitec Bank following a 2023 inspection that revealed multiple breaches of South Africa’s anti-money-laundering (AML) and financial-crime regulations. The sanctions were issued under the Financial Intelligence Centre Act (FIC Act), which mandates strict controls for identifying customers, monitoring transactions, and detecting illicit financial activities. Breakdown of the Financial Penalties The R28 million p