South African Central Bank Probes DA Official’s Fintech

South Africa’s Democratic Alliance (DA) is facing a fresh credibility test after the central bank opened an investigation into Kastelo, a fintech company co-founded and chaired by the party’s head of finance, Mark Burke. He has since stepped down from his oversight roles on two parliamentary committees. The inquiry concerns alleged exchange-control violations involving a $220 million offshore transfer. The South African Reserve Bank reportedly blocked Kastelo’s funds in late 2025 after identifying transfers that allegedly sidestepped local capital regulations. Burke has denied wrongdoing, stating that he resigned from Kastelo to pursue a political career. The investigation underscores the central bank’s vigilance as South Africa seeks to avoid returning to the Financial Action Task Force’s money-laundering gray list, which it exited last October.