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Ecobank Slapped With Regulatory Action For Breaching Forex Rules

Editor SharpDaily by Editor SharpDaily
March 28, 2022
in News
Reading Time: 1 min read
Ecobank

The Central Bank of Kenya (CBK) has taken regulatory action against Ecobank Kenya Limited (Ecobank) for unsafe trading practices and breaches to the Prudential Guidelines on Foreign Exchange Exposure Limits in March 2022.

In investigating Ecobank’s trading practices and a specific transaction that it had concluded, it is evident that Ecobank did not have sufficiently robust risk controls to prevent breaches on its foreign exchange exposure limits, or the inaccurate reporting of its position.

The lender has been ordered to cease to transact as an authorised foreign exchange dealer in the Kenyan market from Tuesday, March 29, 2022, to Monday, April 4, 2022. During this time Ecobank cannot transact, inter alia, in the interbank foreign exchange market. However, all committed transactions as at March 28, 2022, can be settled.

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The bank has been ordered to put in place a remedial plan to ensure the operational lapses that led to the non-compliance are addressed. The remedial plan should also point to specific measures to address the unsafe trading practices that led to the noncompliance and to enforce adherence to orderly conduct as stipulated in CBK’s Guidelines on Foreign Exchange.

Reverse the amount of additional exposure that was created as a result of the regulatory breach.

Ecobank’s acknowledgement of its obligations as an authorised foreign exchange dealer and its commitment to address the underlying issues is noted. CBK reiterates the objective of building sound, fair and transparent financial markets, anchored in the law and
according to global best practices.

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