Standard Bank hit with a R17 million fine and administrative sanctions

The Financial Sector Conduct Authority (FSCA) has imposed a financial penalty of R17 million on Standard Bank of South Africa (SBSA), a wholly-owned subsidiary of Standard Bank.

This was due to non-compliance with the provisions of the Financial Intelligence Centre (FIC) Act, including failing to adequately conduct customer due diligence.

The FSCA announced on Friday, 13 November 2026, that it imposed administrative sanctions on SBSA. This follows an inspection conducted on SBSA in 2023. 

The administrative sanctions comprise three cautions not to repeat the conduct that led to the non-compliance, three reprimands and a financial penalty totalling R17 million.

Of this total fine, R5 million is conditionally suspended for 36 months, effective from 19 May 2026.

The FSCA explained that SBSA failed to comply with certain sections of the FIC Act, including:

• Failing to adequately conduct customer due diligence on 34% of the sampled money or value transfer services (MVTS) client files
• Failing to keep records of the proof of address and/or work permits of 52% of the sampled MVTS client files
• 52% of SBSA’s sampled MVTS employees appointed in 2021 did not receive anti-money laundering and counter-financing of terrorism refresher training in 2022 and 2023
• 37% of the sampled MVTS employees appointed in 2023 did not receive this induction training

“SBSA has cooperated with the PA to undertake the remedial action required to address the identified compliance deficiencies and control weaknesses,” the FSCA said.