One of  South Africa's fastest growing bank Capitec Bank, has been hit with a hefty financial penalty of over two-point-nine million US dollars by the South African Reserve Bank for failing to comply with certain anti-money laundering regulations.

Reserve bank  announced the administrative sanctions on Capitec Bank Limited on its website, noting that over five-hunder thousand USD of the fine "is conditionally suspended for a period of 36 months as from 30 July 2024". This is not the first time Capitec has fallen foul to Fica regulations.

Joining Peter Ndoro to discuss this further is Finance Expert, International Speaker and Author, Gerald Mwandiambira.