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Capitec fined R28 million over compliance failures
Capitec Bank has been ordered to pay an administrative penalty of R28 million after the Prudential Authority (PA) identified several shortcomings in the bank’s compliance with the Financial Intelligence Centre Act (FICA).
The sanctions followed an inspection conducted by the PA in 2023 and relate to weaknesses in customer due diligence, employee training, risk management and controls designed to prevent money laundering and terrorist financing.
What the regulator found
The PA found that Capitec had not adequately carried out customer due diligence, enhanced due diligence and ongoing due diligence on a sample of client files.
Customer due diligence is a key requirement for financial institutions and involves establishing who customers are, understanding their financial activities and assessing the risks associated with their accounts.
The regulator also identified shortcomings in the bank’s ongoing training of employees responsible for complying with FICA requirements.
Further concerns were raised about Capitec’s risk management and compliance programme, particularly processes relating to terrorist-property reporting and financial sanctions.
The PA found that some anti-money-laundering name-screening and payment-screening manuals used by Capitec’s business bank had been implemented without the required management approval.
How the R28 million penalty is structured
The total penalty is R28 million, with R5.5 million conditionally suspended for 36 months.
The PA also issued five cautions instructing Capitec not to repeat the conduct that resulted in the non-compliance.
According to the regulator’s findings, R10 million of the penalty relates to customer due diligence failures, while R5 million each relates to inadequate enhanced due diligence and ongoing due diligence.
A further R3 million was imposed over inadequate ongoing employee training, with the remaining R5 million linked to weaknesses in the bank’s risk management and compliance programme.
Capitec responds
Capitec said the sanction concerns administrative shortcomings in its compliance processes between 2019 and 2023.
“The sanction relates to identified administrative gaps in certain compliance processes, including aspects of client due diligence, training, and regulatory reporting, over the period 2019 to 2023,” the bank said.
Capitec also stressed that the findings did not involve allegations of criminal financial activity.
“Importantly, these findings do not relate to any instances of money laundering, illicit financial activity, fraud, scams or financial loss at Capitec.”
The bank said it recognised the role of the PA and other regulators in enforcing FICA requirements and supporting South Africa’s efforts to strengthen its financial crime controls.
Capitec has faced previous sanctions
The latest penalty follows earlier regulatory action against Capitec.
In 2024, the PA imposed a R56.25 million administrative penalty on the bank following inspections conducted in 2021 and 2022. Of that amount, R10.5 million was conditionally suspended for three years. Those earlier findings included shortcomings involving customer due diligence, transaction monitoring and reporting obligations.
The latest action comes as South Africa continues strengthening its anti-money-laundering and counter-terrorist-financing controls after being removed from the Financial Action Task Force’s grey list in October 2025.
Ninety One also sanctioned
The PA also announced separate sanctions against Ninety One Assurance Limited following its own 2023 inspection.
The company was fined R6 million, with R2.5 million conditionally suspended for 36 months. The regulator found shortcomings in its risk management programme for identifying, assessing, monitoring and mitigating risks associated with politically exposed and other high-risk persons and businesses.
Economy
Kaya 959 turns up the heat as Chefs & Chenin talent cooks live on air
Kaya 959 is bringing the flavours of the inaugural Chefs & Chenin Festival to its listeners, with some of the chefs taking over the station for a live cooking experience ahead of the two-day culinary celebration.
Chef Mahalia Jackson, Jacques Venter, Chef Tebogo Morgan and Saviour Moyo will be showcasing their culinary skills on air, giving listeners a taste of what they can expect when Chefs & Chenin takes place at Crawford International Sandton College on 26 and 27 September 2026.
The festival is presented in partnership with Kaya 959 and celebrates two distinctly South African passions – cooking over fire and Chenin Blanc.
Bringing the festival to Kaya 959
The live cooking sessions give Kaya 959 listeners an opportunity to get closer to the chefs and the food that will form part of the festival experience.
Rather than simply talking about what is coming, the chefs are putting their skills on display in the Kaya 959 studio, building anticipation for a weekend where food will be cooked over open flames and paired with South Africa’s much-loved Chenin Blanc.
The festival is designed as a celebration of food, wine, music and local creativity, with a Harvest Market, live entertainment, kids’ activities and an art exhibition also forming part of the programme.
Meet the chefs
Chef Mahalia Jackson brings more than three decades of experience in the culinary industry to the line-up. She is an executive chef, entrepreneur and published author, and has been the managing director of Added Touch Catering & Events since 2005.
Her career has included major corporate events and high-profile gatherings, with Jackson also having served guests including former presidents Nelson Mandela and Thabo Mbeki and international diplomats. She is also the author of Dare to Dream, a recipe book and memoir which won an African Authors Award in the Food Category.
Jacques Venter has built a career across different parts of Johannesburg’s culinary scene. According to his Chefs & Chenin profile, he began his career in 2003 as a commis chef at The Castle Kyalami before progressing to sous chef.
His experience has included fine dining at Roots restaurant at Forum Homini, work at Coco C in Bloemfontein and a stint at the Radisson Blu Sandton, where he worked his way up to executive sous chef. Since 2019, he has been part of the Pick n Pay group as a food specialist at Pick n Pay on Nicol and Thyme restaurant.
Chef Tebogo Morgan, the chef behind CRAVINGS, Gourmet Rainbow Cuisine, brings a fusion approach to the festival. Born in Mthatha and raised in Johannesburg, Morgan trained through the International Chef Management Diploma at Capsicum Culinary Studio in Cape Town.
His culinary style, which he describes as “Fire & Fusion”, brings together Asian and Mediterranean influences with open-fire cooking.
Saviour Moyo, who is also associated with Saint Restaurant Sandton, rounds out the group of chefs appearing as part of the Kaya 959 activation.
More than just food
Chefs & Chenin is being positioned as an experience rather than a conventional food festival.
General access tickets include a tasting meal at a pop-up restaurant of the guest’s choice, where chefs will showcase their food through live-fire cooking. There will also be curated Chenin Blanc tastings, alongside the Harvest Market, live music and entertainment for children.
The festival’s focus on open-fire cooking also taps into a familiar South African food tradition, while the Chenin Blanc element highlights one of the country’s most important wine varieties.
With Kaya 959 providing the radio platform and the chefs bringing the food to life on air, the build-up is giving audiences a preview of what awaits at Crawford International Sandton College.
Chefs & Chenin takes place on 26 and 27 September 2026. Tickets are available through Webtickets.
