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. 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, Tembo said Stanbic Bank was supposed to report the transactions within three working days upon forming a suspicion.