Standard Bank to fire 49 staff over illegitimately activated accounts
Africa’s biggest lender denies reports of ‘ghost accounts’ saying all were compliant
Standard Bank says 49 of its employees face the axe after they were implicated in using their own funds to illegitimately activate bank accounts as part of a ploy to meet new business targets.
The bank denied media reports that the affected accounts were “ghost accounts”, saying they were legitimate profiles opened in the name of real people and were therefore compliant with KYC (Know Your Customer) principles. Standard Bank told Business Day on May 9 that it had charged 67 staff members with gross misconduct and dishonesty after identifying 20,000 retail client accounts that may not have been activated in line with company guidelines and procedures...
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