FIC FINES STABIC BANK K450,000 FOR FAILING TO REPORT SUSPICIOUS TRANSACTIONS
The Financial Intelligence Centre ( FIC) has sanctioned Stanbic Bank Zambia Limited in form of a financial penalty amounting to Four Hundred and Five Thousand Kwacha .
This is in a case where the FIC found that Stanbic Bank Zambia Ltd breached section 45 as read together with section 29(1) of the FIC Act, No. 46 of 2010 in that Stanbic Bank Zambia Limited failed to report suspicious transactions (STRs) between January 2020 and December 2020 within the required three working days upon forming a suspicion.
Stanbic Bank Zambia Limited has since paid the penalty in full and has committed to continue improving compliance with its anti-money laundering and countering the financing of terrorism and proliferations obligations.
The FIC will continue to monitor Financial Services Providers and Designated Non-Financial Businesses and Professions to ensure they comply with the provisions of the FIC Act.
This is contained in a statement issued by Financial Intelligence Centre Acting Director General Liya Tembo.
