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Discovery Bank faces R3m fine from PA for compliance failures, lack of staff training
Cape Times
|November 10, 2025
THE Prudential Authority (PA) on Friday imposed administrative sanctions and fines on Discovery Bank for failing to timeously report some suspicious transactions and for inadequate staff training.
EXTERIOR view of the global headquarters of Discovery in Sandton. The Prudential Authority has imposed administrative sanctions and fines on Discovery Bank following an inspection in 2021, and the bank says it has remedied the non-compliant conduct.
(SUPPLIED)
The PA supervises and enforces compliance by banks and other financial institutions with the provisions of the Financial Intelligence Centre Act (FIC Act). "The PA has imposed administrative sanctions on Discovery Bank (DBL) as a result of its noncompliance with certain provisions of the FIC Act, following an inspection conducted on DBL in 2021..." the PA said in a statement on Friday.
Dit verhaal komt uit de November 10, 2025-editie van Cape Times.
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