Governor of the South African Reserve Bank, Lesetja Kganyago, said the Prudential Authority focused on several measures to strengthen South Africa’s financial system.
South Africa's banking and insurance watchdog imposed more than R115 million in regulatory penalties on financial institutions during the 2024/25 financial year.
Of these fines, Capitec received the largest sanction, the Prudential Authority's latest annual report shows.
The report's enforcement section details a series of administrative sanctions imposed on banks, insurers and other regulated entities for contraventions of financial sector legislation, including failures to comply with the Financial Intelligence Centre Act (FICA) and prudential requirements.
Writing in the annual report, South African Reserve Bank Governor Lesetja Kganyago said the authority “focused on several measures to strengthen South Africa’s financial system” during the period.
