Media Release: Stanbic Bank statement on Escrow

[RUCCI]

For immediate release ​

Dar es Salaam 1st December 2014.

Stanbic Bank Tanzania has been made aware of the Parliamentary report regarding IPTL and the Tegeta Escrow account and the associated suggestion that the Bank might have permitted money laundering through banking an affected party.

We are satisfied that Stanbic Bank Tanzania has complied with all of its anti-money laundering obligations and co-operated fully with the authorities in their investigations. We wish to reassure our customers that Stanbic Bank Tanzania has stringent and robust processes in place to comply with the fiduciary and regulatory laws as set by the government of Tanzania.

We remain committed to serving our customers.

Management

ENDS.

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NOTES TO THE EDITOR


ABOUT STANBIC BANK TANZANIA

Stanbic Bank Tanzania is part of the Standard Bank Group, Africa's largest bank by assets.
Stanbic Bank Tanzania provides the full spectrum of financial services. It's Corporate and Investment Banking division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate and Investment Banking delivers this comprehensive range
of products and services relating to: investment banking; global markets; and global transactional products and services.

Stanbic Bank's corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.

Stanbic Bank Tanzania's personal and business banking unit offers banking and other financial services to individuals and small-to-medium enterprises. This unit serves the increasing need among Tanzania's small business and individual customers for banking products that can meet their shifting expectations and growing wealth.

 

[Captain Phillip]

Why did they fire their TZ MD?

 

[Brooklyn]

If they complied with All Anti-Money Laundering Act and its provision, why did they fire the staff who opened the account?

This bank clearly violated the AMLA, they should be sanctioned accordingly.

 

[Erick linus]

i advice more research should be held so as to prove apon the escrow tegeta account,we need direct report and not indrectly as they did,which limit to get and know the truth,

 

[Kim king]

They must give us the truth to secure their reputation

 

[Mabulangati]

What is truth Kim king?

 

[mogasa]

The truth is about the whole process of es of escrow scandal

 

[batchu]

Those are slogans in protection of company image....
No matter wat...money ve bin taken to da right pocket n spent respectively in respects of fair division bt wit few unsatisfied mind who made it scandal n talk of da town