The Reserve Bank said in its recently released Bank Supervision Department annual report that it fined Capitec and the local branch of Deutsche Bank a combined R25 million in 2015 for shortcomings in the systems they have in place to combat money laundering. Capitec was fined R5 million for failing to report cash transactions above R24,999 to the Financial Intelligence Centre in line with legislation, and was advised to take remedial action.
Deutsche Bank's "know your customer" measures were deemed inadequate and the institution was fined R10 million. It was also instructed to address deficiencies in its controls and systems related to detecting property related to terrorism.
The Bank also announced that deputy governor Kuben Naidoo will be taking over from Rene van Wyk as registrar of banks. Van Wyk will retire at the end of this year. Naidoo will serve in both the deputy governor and registrar roles.
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