You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

Mozambique central bank fines Standard Bank R66.18m

For fraudulent practices.
Image: Moneyweb

The central bank of Mozambique has fined Africa‘s biggest lender, Standard Bank, $4.6 million (R66.18 million) for engaging in fraudulent activities, Bank of Mozambique said on Monday.

The central bank also fined two of Standard Bank’s employees around $223 000 and $101 000 each, and barred the bank from engaging in some exchange-related activities for a year, it said in a statement.

Standard Bank, which is based in South Africa, did not immediately respond to a request for comment.

The central bank said following on-site inspections “infringement proceedings were brought against that bank (Standard Bank) and two of its managers … for serious breaches of a prudential and exchange rate nature.”

It alleged the bank and the two employees were involved in fraudulent manipulation of the exchange rate, implementing an illegal payments network based outside the country, and carrying out irregular operations of financial derivatives, among other offences.

COMMENTS   2

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in to comment.

SIGN IN SIGN UP

Following the Nigerian example no doubt.

Interesting question, in general, applicable to all Banks,
which funds do Banks use for such situations?

Surely the employees in question got relieved of their duties as this was an expensive mistake?

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles:
Click a Company: