South Africa’s Prudential Authority sanctions Capitec Bank with R28m penalty over AML/CFT control failures, including CDD, screening and sanctions weaknesses

The sanctions include five cautions and a R28 million financial penalty, of which R5.5 million is conditionally suspended for 36 months. The deficiencies included inadequate customer due diligence (CDD), enhanced due diligence (EDD) and ongoing due diligence, insufficient ongoing AML training, and weaknesses in name/payment screening, terrorist property reporting and financial sanctions controls…