Capitec Fined R28 Million For FICA Compliance Failures
Capitec Bank has been fined R28 million by the Prudential Authority (PA) for breaches of the Financial Intelligence Centre Act (FICA) following an inspection conducted in 2023.
The PA also issued the bank with five cautions over shortcomings in its compliance with FICA requirements.
The findings included deficiencies in customer due diligence, enhanced due diligence, ongoing due diligence, employee training and the bank’s risk management and compliance programme.
The PA found, among other issues, shortcomings in the bank’s anti-money laundering screening procedures, terrorist-property reporting processes and financial sanctions controls.
The R28 million penalty comprises R10 million for customer due diligence, R5 million for enhanced due diligence, R5 million for ongoing due diligence, R3 million for employee training and R5 million for weaknesses in the risk management and compliance programme.
Of the R28 million, R5.5 million has been conditionally suspended for 36 months from 13 October 2025, subject to Capitec not repeating the relevant contraventions during the suspension period.
The PA said Capitec cooperated with the inspection and has taken steps to address the identified compliance weaknesses.
The latest sanction follows a separate R56.25 million FICA penalty imposed on Capitec in 2024 after inspections conducted in 2021 and 2022 identified compliance failures across its retail and business banking operations.
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