Capitec cooperates with the Prudential Authority
Capitec is committed to resolving all compliance and control matters identified.
Capitec is committed to resolving all compliance and control matters identified.
Capitec received administrative sanctions from the Prudential Authority (PA) on 20 December 2024. These sanctions result from two inspections conducted in May 2021 and March 2022. The inspections formed part of the PA's regular supervisory process under the Financial Intelligence Centre (FIC) Act.
The inspections assessed Capitec's compliance with the FIC Act, in relation to specifically customer due diligence, transaction monitoring and reporting obligations covering the years 2017 to 2022. As a result of these inspections, Capitec received a financial penalty of R56.25 million, of which R10.5 million was conditionally suspended for 36 months.
Capitec has cooperated fully with the Prudential Authority during these inspections and is committed to resolving all compliance and control matters identified.