Sharp Daily
No Result
View All Result
TALK TO US
Monday, December 4, 2023
  • Home
  • News
  • Investments
  • Technology
  • Real Estate
  • Features
  • Sports
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
  • Investments
  • Technology
  • Real Estate
  • Features
  • Sports
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Ecobank Slapped With Regulatory Action For Breaching Forex Rules

Editor SharpDaily by Editor SharpDaily
March 28, 2022
in News
Ecobank
Share on FacebookShare on Twitter

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.

Read: Stanbic Bank On Bullish Mode As It Records 39PC Profit Jump

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.

Read: KenGen’s CEO Joins Global Leaders at the World Bank Group’s Gender Equality Forum

Tags: CBKEcobank
Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

Alliance for Green Infrastructure receives USD 175 million pledge at COP28
News

Alliance for Green Infrastructure receives USD 175 million pledge at COP28

December 4, 2023
Kenya moves to regulate cryptocurrency amid market boom
News

Kenya moves to regulate cryptocurrency amid market boom

December 4, 2023
Amini raises USD 4 million in seed funding for climate tech
News

Amini raises USD 4 million in seed funding for climate tech

December 4, 2023
Healthcare, education top agenda as Ruto visits India
News

Healthcare, education top agenda as Ruto visits India

December 4, 2023
North Rift farmers raise alarm over implications of government privatization move
News

North Rift farmers raise alarm over implications of government privatization move

December 1, 2023
KRA's Digital Service Tax
News

KRA pushes for suspension of SportPesa and Finix casino licenses

December 1, 2023

TRENDING

Mr Eric Kipkemei Bett (left) a board member at the Postal Corporation of Kenya hands over the corporation’s flag to Mr Peter Kanaiya, the new board chairman.
News

Postal Corporation of Kenya Appoints Peter Kanaiya As New Board Chairman

by Editor SharpDaily
August 1, 2022
KRA's Digital Service Tax
News

KRA pushes for suspension of SportPesa and Finix casino licenses

by Christine Akinyi
December 1, 2023
China Square to open second store at Waterfront Karen
News

China Square to open second store at Waterfront Karen

by Brian Murimi
October 25, 2023
Unga Holdings to lay off 50 staff, cites financial struggles
Business

Unga Holdings to lay off 50 staff, cites financial struggles

by Brian Murimi
December 1, 2023
Sharp Daily

© Sharp Daily - News, money, property, finance, tech and more.

Navigate Site

  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Home
  • News
  • Investments
  • Technology
  • Real Estate
  • Features
  • Sports
  • Appointments
  • About Us
    • Meet The Team

© Sharp Daily - News, money, property, finance, tech and more.