Discovery Bank resolves administrative sanctions issued by the Prudential Authority

Johannesburg, 7 November 2025 - Discovery Bank is fully committed to upholding the highest standards of regulatory compliance and transparency at all times, acknowledging the administrative sanctions imposed by the Prudential Authority (PA) following an inspection conducted under the Financial Intelligence Centre Act (FIC Act) in 2021.

The inspection, which covered the period from 1 July 2019 to 31 May 2021, identified non-compliance with certain administrative provisions of the FIC Act, in particular, related to training and transaction reporting timeframes. Importantly, the inspection found no evidence of Discovery Bank being involved in or facilitating transactions related to money laundering or other illicit financial activities. It is also important to note that all findings raised by the PA had already been identified and remediated prior to the commencement of the inspection.

Discovery Bank takes its regulatory obligations extremely seriously. Since the inspection period, compliance operations have been significantly strengthened, with substantive enhancements across systems, processes, and governance structures. The publication of the sanction notice brings this matter to a close.

Read the Prudential Authority notice here.

ENDS