JOHANNESBURG - The Prudential Authority has imposed administrative sanctions and a R28-million fine on Capitec Bank for breaches of the Financial Intelligence Centre Act (FICA).
The regulator says an inspection identified several shortcomings in the bank’s compliance controls, including weaknesses in customer due diligence, anti-money laundering measures and staff training.
Gaps were also identified in certain screening, reporting and risk management processes, prompting the regulator to impose administrative sanctions and a financial penalty.
Capitec says it cooperated fully with the Prudential Authority throughout the regulatory process.
The bank says it has taken steps to address the deficiencies identified during the inspection.