Administrative penalties imposed by South Africa’s Prudential Authority in its 2024/25 financial year total more than R115 million, according to the authority's latest annual report, as reported by IOL on 7 July 2026. The largest single sanction is the R56.25 million penalty on Capitec Bank, first announced in December 2024.
THE CAPITEC SANCTION
The Prudential Authority, part of the South African Reserve Bank, announced the Capitec penalty on 20 December 2024 for failures to comply with the Financial Intelligence Centre Act identified in inspections in 2021 and 2022. Of the R56.25 million, R10.5 million was conditionally suspended for 36 months, leaving R45.75 million payable.
OTHER PENALTIES
Other sanctions in the year included Old Mutual Life Assurance (R15.9 million), Safrican Insurance (R13 million), the South African branch of State Bank of India (R10.25 million), Escap (R7.645 million) and Finbond Mutual Bank (R5 million).
Sources: SARB, Prudential Authority sanction on Capitec Bank, 20 December 2024; Prudential Authority annual report 2024/25, as reported by IOL, 7 July 2026.