Rank: Elder Joined: 10/18/2008 Posts: 3,434 Location: Kerugoya
|
StanChart Pays DPP Sh100m To Avoid NYS Fraud Suit
FRIDAY, FEBRUARY 28, 2020 10:33 Quote:Details of the secret agreement with the State prosecutor were disclosed Thursday by its London-based parent company, Standard Chartered Plc, via the London Stock Exchange (LSE) where the multinational lender is listed.
The December deal with the DPP means StanChart’s total penalties in the wake of the NYS scandal have risen to Sh177.5 million after the Central Bank of Kenya (CBK) fined it Sh77.5 million for regulatory breaches.
CBK imposed penalties totalling Sh392.5 million on Standard Chartered Kenya, Equity, Diamond Trust, Co-operative Bank, and KCB Group.
The banking regulator said that the banks had failed to report large transactions and to undertake proper due diligence on customers. It also accused them of approving large transactions without proper documents. Source Link: https://www.businessdail...471942-3ovknd/index.html
|