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Standard Bank controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2021

    Mozambique central bank fines and restricts Standard Bank

    Fine or penalty

    The Central Bank of Mozambique fined Standard Bank about $4.6 million for alleged fraudulent activities and barred it from some exchange-related activities for a year. The bank alleged that Standard Bank and two employees were involved in exchange-rate manipulation, an illegal payments network, and irregular financial-derivative operations.

    Company response

    • Clarification — Standard Bank

      In a response to enquiries this week, Standard Bank’s head of Africa and international media relations, Kate Johns, said they would continue to engage with Banco de Mozambique for clarification on the foreign exchange allegations.

    Source excerpt

    • It alleged the bank and the two employees were involved in the 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.
    • Standard Bank has appointed an acting chief executive at its Mozambique operation in response to a $4.6 million (about R66m) fine by the Central Bank of Mozambique for engaging in fraudulent activities.
    • The central bank also fined two of Standard Bank’s employees, who were not named, about $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 this week.
    Source

  2. 2015

    Stanbic Bank Uganda fraud case

    Stanbic Bank Uganda was reported in relation to fraudulent transfers from the Swedish embassy to private accounts connected with a former embassy employee.

    Source

  3. 2014

    UK anti-money-laundering enforcement

    The Financial Conduct Authority fined Standard Bank PLC £7,640,400 over failures to apply anti-money-laundering controls appropriately and consistently to corporate customers connected with politically exposed persons during the period covered by the enforcement action.

    Source