The Prudential Authority of the South African Reserve Bank has imposed administrative penalties totalling R34 million on Capitec Bank and Ninety One Assurance for breaches of the Financial Intelligence Centre Act. The action, announced on 11 September 2026, includes R28 million on Capitec and R6 million on Ninety One Assurance.
A portion of each penalty has been conditionally suspended for 36 months, with R5.5 million suspended from the Capitec fine and R2.5 million suspended from the Ninety One Assurance fine. The Capitec suspension runs from 13 October 2025 and the Ninety One Assurance suspension from 19 June 2025.
CAPITEC FAILINGS
The Prudential Authority identified a range of failings at Capitec Bank, spanning inadequate customer due diligence, enhanced due diligence and ongoing due diligence, employee training, terrorist property reporting processes, and sanctions and prominent influential person screening controls.
Capitec was previously fined R56.25 million by the Prudential Authority in December 2024 over anti-money laundering compliance failings. The Prudential Authority said Capitec had cooperated with it and had taken steps to remediate the identified deficiencies.
The findings are the outcome of Prudential Authority inspections conducted in 2023.
NINETY ONE ASSURANCE
The Prudential Authority's R6 million penalty on Ninety One Assurance, of which R2.5 million is conditionally suspended for 36 months, followed findings from a 2023 inspection that its risk management and compliance programme did not adequately address sanctions screening and prominent influential person screening. Ninety One Assurance has cooperated with the regulator and has indicated that it has undertaken the remedial action required, according to the Prudential Authority.
South Africa was placed on the Financial Action Task Force's grey list in February 2023 and removed from it in October 2025. The Prudential Authority publishes its administrative sanctions on the SARB website.