The Central Bank of Kenya (CBK) has issued a regulatory action against Ecobank Kenya for unsafe trading practices and breaches of the prudential guidelines on foreign exchange limits in March 2022.
This is after a thorough investigation of Ecobank’s trading practices by the apex bank which concluded that the bank did not have robust control to prevent breaches of its foreign exchange exposure limits or inaccurate reporting of its position.
Through a statement, Ecobank is required to put in place a remedial plan to ensure the operational lapses that led to the non-compliance are addressed.
“The remedial plan should point to specific measures to address the unsafe trading practices that led to the compliance and to enforce adherence to orderly conduct as stipulated in CBK’s guidelines on foreign exchange,” read the statement.
The apex bank has also asked Ecobank to reverse the amount of additional exposure that was created as a result of the regulatory breach.
The bank has been forbidden to transact as an authorised foreign exchange in the Kenyan market from tomorrow – to Monday, April 4.
“CBK reiterated the objective of building sound and fair financial markets anchored in the law and according to global best practices,” read the
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