FIC Sanctions Stanbic Bank Ltd

Hector Simfukwe-The Financial Intelligence Centre -FIC- has sanctioned Stanbic Bank Zambia Limited a financial penalty amounting to over K400,000.

FIC Acting Director General LIYA TEMBO says Stanbic Bank Zambia limited breached the FIC Act of 2010 by failing to report suspicious transactions in 2020 within three working days upon forming a suspicion.

Mrs. TEMBO says the Bank 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 proliferation of obligations.

She says FIC will continue to monitor financial service providers to ensure they comply with the provisions of the law.

This is according to a statement issued to ZNBC news in Lusaka by Mrs. TEMBO.

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