JOHANNESBURG – Angola’s central bank has fined Standard Bank Angola $800 (R12 000) for failing to submit a report on time.
Standard Bank Group is of the view that it has not broken any foreign exchange rules in Angola, a spokesman said on Wednesday.
Angola’s central bank said it would sanction seven financial institutions, including Standard Bank, for violating foreign exchange rules, Reuters reported.
“Standard Bank is a responsible and compliant corporate citizen of Angola. Standard Bank will be approaching the Banco Nacional de Angola for clarification of the alleged transgression, which was a technical one and did not attract a significant sanction,” group spokesman, Ross Linstrom said in a statement.
The intended fine is $800 or around R12 006, a laughable amount in the context of its profits for 2015, which amounted to R23 billion.
The size of the fine also suggests that the contravention was trivial.
A post on Standard Bank Angola’s Facebook page suggests that fine was levied because of the delay in sending a report relating to foreign exchange.
“Standard Bank is of the view that it has not transgressed or misinterpreted the framework for implementation of foreign exchange resources and will defend its position within the structures and frameworks available to it,” Linstrom said.