SARB Imposes R56.25 Million Fine on Capitec Bank for FIC Act Non-Compliance
SARB fines Capitec Bank R56.25 million for FIC Act non-compliance, issuing cautions, reprimands, and conditional suspension after inspections.
South African Reserve Bank imposes administrative sanctions on Capitec Bank Limited. The Prudential Authority (PA), operating within the administration of the SARB, is mandated to supervise and enforce compliance by accountable institutions with the provisions of the FIC Act or any order, determination or directive made in terms thereof.
The South African Reserve Bank (SARB) has imposed administrative sanctions on Capitec Bank Limited (Capitec Bank) as a result of its non-compliance with certain provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act), following inspections conducted on Capitec Bank in terms of section 45B of the FIC Act in 2021 and 2022. The inspection in 2021 focused on the retail bank segment and the 2022 inspection focused on the business banking segment of Capitec Bank.
The administrative sanctions imposed on Capitec Bank are due to its failure to comply with certain provisions of the FIC Act. The sanctions consist of seven cautions, one reprimand and a financial penalty totalling R56.25 million, of which R10.5 million is conditionally suspended for a period of 36 months as from 30 July 2024.
