Staff at Standard, ABSA and Sasfin banks implicated in money laundering: Documentary

Standard Bank says it has a zero-tolerance policy toward fraud and criminality. This comes after a television investigative documentary uncovered that three local banks allegedly helped a gold smuggling gang.

The documentary implicated Standard Bank and two other local banks for allegedly helping a gold smuggling gang launder millions of dollars of dirty cash in exchange for regular bribes.

The bank says it takes the allegations seriously and has confirmed that proper procedures are being followed internally. It promises to report on and assist in any lawful investigation.

According to a televised investigative documentary, staff at Standard, ABSA and Sasfin Banks are alleged to have been on the payroll of a money launderer working for a cigarette magnate.

Meanwhile, ABSA says it detected alleged illicit tobacco and gold-based money-laundering activities in early 2020.

It says subsequent investigations uncovered a broad network, which linked the illicit tobacco trade and gold-based money laundering activities.

The bank says it’s been working with multiple law enforcement agencies on this matter and has fully discharged its regulatory reporting obligations.

It says it’ll not tolerate any untoward conduct on the part of its employees.