{"id":2445,"date":"2021-07-14T16:04:52","date_gmt":"2021-07-14T16:04:52","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=2445"},"modified":"2021-07-14T14:24:47","modified_gmt":"2021-07-14T14:24:47","slug":"mozambique-bank-of-mozambique-fines-standard-bank-for-fraudulent-practices-aim-report","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-bank-of-mozambique-fines-standard-bank-for-fraudulent-practices-aim-report","title":{"rendered":"Bank of Mozambique fines Standard Bank for fraudulent practices"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/mozambique\">Mozambique<\/a>. <\/strong><\/span>Following an on-site inspection, the Bank of Mozambique on Monday fined one of the country\u2019s largest commercial banks, Standard Bank, 290.1 million meticais (about 4.6 million US dollars at current exchange rates) for engaging in fraudulent practices.<\/p>\n<p>The central bank also fined Standard Bank\u2019s Chief Executive Officer, Adimohanma Chukwuma Nwokocha, 6.4 million meticais, and the director of the Corporate and Investment wing of the bank, Carlos Madeira, 14 million meticais.<\/p>\n<p>The Bank of Mozambique suspended Standard Bank, which is based in South Africa, from dealing in foreign currency for a year, Nwokocha and Madeira are banned for holding office in any bank or other financial institution for six years.<\/p>\n<p>A statement from the central bank said that its inspection of Standard Bank had found that it committed \u201cserious breaches of a prudential and exchange rate nature.\u201d<\/p>\n<p>The bank had allegedly \u201cmanipulated fraudulently the exchange rate\u201d. It had, among other violations, also set up an illicit payments network, headquartered outside the country, and had undertaken \u201cirregular operations in financial derivatives for covering the risks of exchange rate fluctuations\u201d, which involved Madeira as a client.<\/p>\n<p>According to the statement, the shareholders of Standard Bank are cooperating with the Bank of Mozambique in order to clear up the irregularities, and \u201csafeguard the interests of Standard Bank clients and other interested parties\u201d.<\/p>\n<p>The shareholders must present a credible plan to remedy the irregularities, and the Bank of Mozambique will impose \u201ca resident inspector\u201d on Standard Bank, to ensure that the plan of action is implemented. On this will depend the lifting of the suspension of Standard Bank\u2019s participation in the exchange market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Mozambique. Following an on-site inspection, the Bank of Mozambique on Monday fined one of the country\u2019s largest commercial banks, Standard Bank, 290.1 million meticais (about 4.6 million US dollars at current exchange rates) for engaging in fraudulent practices. The central bank also fined Standard Bank\u2019s Chief Executive Officer, Adimohanma Chukwuma Nwokocha, 6.4 million [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":2444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-2445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bank of Mozambique fines Standard Bank for fraudulent practices - Mozambique<\/title>\n<meta name=\"description\" content=\"Following an on-site inspection, the Bank of Mozambique on Monday fined one of the country\u2019s largest commercial banks, S ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-bank-of-mozambique-fines-standard-bank-for-fraudulent-practices-aim-report\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of Mozambique fines Standard Bank for fraudulent practices\" \/>\n<meta property=\"og:description\" content=\"Following an on-site inspection, the Bank of Mozambique on Monday fined one of the country\u2019s largest commercial banks, S ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-bank-of-mozambique-fines-standard-bank-for-fraudulent-practices-aim-report\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-14T16:04:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/07\/img-60eef2f43f037.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"438\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-bank-of-mozambique-fines-standard-bank-for-fraudulent-practices-aim-report#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-bank-of-mozambique-fines-standard-bank-for-fraudulent-practices-aim-report\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Bank of Mozambique fines Standard Bank for fraudulent practices\",\"datePublished\":\"2021-07-14T16:04:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-bank-of-mozambique-fines-standard-bank-for-fraudulent-practices-aim-report\"},\"wordCount\":279,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-bank-of-mozambique-fines-standard-bank-for-fraudulent-practices-aim-report#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/07\/img-60eef2f43f037.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-bank-of-mozambique-fines-standard-bank-for-fraudulent-practices-aim-report#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-bank-of-mozambique-fines-standard-bank-for-fraudulent-practices-aim-report\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-bank-of-mozambique-fines-standard-bank-for-fraudulent-practices-aim-report\",\"name\":\"Bank of Mozambique fines Standard Bank for fraudulent practices - 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