The bank formally characterised this stunning lapse of judgement as a "misunderstanding" and neglected to point to the fraud centre as the spark in the powder keg.
Indications are that the “misunderstanding” is self-created. Standard Bank’s business unit for the past eight years generated pay alerts on forms with a letterhead listing directors who had resigned in 2015 in conjunction with an outdated company logo in the top left corner.
Read the full article by Pauli van Wyk at Daily Maverick.
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