Mozambique: Central bank appoints resident inspector at Standard Bank

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Mozambique: Central bank appoints resident inspector at Standard Bank

8:02 CAT | 19 Jul 2021

FILE - Standard Bank in Maputo. [File photo: Wikimedia Commons]

The Bank of Mozambique this Monday appointed Zaitina Raul Chilaule as resident inspector at Standard Bank, a banking institution of systemic importance which has been suspended for a year from the Mozambican foreign exchange market for “serious infringements”, reads a note from the regulator.

“It is the responsibility of the resident inspector, among other tasks, to monitor the implementation of the shareholders’ action plan, monitor and analyse developments in the bank’s governance and internal control system, and participate in relevant meetings of the collegiate bodies”, reads the central bank’s note , which also describes Zaitina Raul Chilaule as a “senior staff” member at the Bank of Mozambique.

The suspension of Standard Bank from the Interbank Foreign Exchange Market was announced on June 23, and the following day, the Mozambican central bank announced the opening of three “misdemeanor proceedings” against that bank and two of its employees, namely Adimohanma Chukwuma Nwokocha and Carlos Madeira, who were banned from holding positions in credit institutions for six years and must pay fines of six million meticais (80 thousand euros) and 14 million meticais (185 thousand euros), respectively.

Standard Bank will also have to pay a fine of 290 million meticais (four million euros), after the central bank finding “serious infringements” during inspections, with emphasis on fraudulent manipulation of the exchange rate.

In today’s note, the Bank of Mozambique stresses that the shareholders of that institution are collaborating with the regulator, further reiterating that “all operations in the banking system are taking place within normality”.

Also read: Mozambique: Standard Bank suspension leaves users’ nerves on edge – Carta