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FIC sanctions Stanbic Bank

By ADRIAN MWANZA

THE Financial Intelligence Centre (FIC) has sanctioned Stanbic Bank Zambia for failing to report suspicious transactions between January 2020 and December 2020 within the required three working days upon forming suspicion.

According to a statement issued by FIC acting Director General, Liya Tembo, Stanbic Bank breached section 45 as read together with section 29 of the FIC Act, No. 46 of 2010 as amended.

Ms Tembo said Stanbic was sanctioned in form of a penalty amounting to K405, 000.

“Stanbic Bank has since paid the penalty in full and has committed to continue improving compliance with anti-money laundering and countering the financing of terrorism and proliferations obligations,” she said.

She said the FIC would continue to monitor reporting entities from financial services providers   and designated non-financial businesses and professions to ensure that they complied with the provisions of the FIC Act.

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