FIC sanctions Stanbic Bank


THE Financial Intelligence Centre (FIC) has sanctioned Stanbic Bank Zambia Limited a K405,000 penalty for failing to report suspicious transactions in 2020. And the Supreme Court has ordered seven companies to surrender water containers which are in their possession bearing the Manzi Valley trademark back to Natural Valley Limited. FIC acting director-general Liya Tembo said the bank breached the FIC Act of 2010 by failing to report suspicious transactions from January to December 2020. In a statement yesterday, Mrs Tembo said Stanbic Bank was supposed to report the transactions within three working days upon forming a suspicion. “Stanbic Bank Limited has since paid the penalty in full and has committed to continue improving compliance with its anti-money laundering and countering financing of terrorism and proliferation of obligations,” she said.
Mrs Tembo said FIC will continue to monitor financial service providers to ensure compliance with legal provisions. Meanwhile, Natural Valley Limited has dragged to court Fairy Bottling Limited, Aquaeva Limited, Aquarite Limited, Gurliz Limited, Top Ice Enterprises Limited, Tolp Enterprises Limited and Spectrum Clear Limited. Natural Valley Limited applied for an interim injunction and later obtained an ex parte order against the seven firms. This was after the High Court concluded that the case was not an appropriate case for CLICK TO READ MORE

Facebook Feed