Standard Bank Allowed *****ulent Account to Fully Utilise ****** Funds During Active Investigation

I am lodging a formal complaint regarding Standard Bank’s handling of a *****ulent account, which resulted in the full loss of funds that could have been secured or mitigated.

A ***** incident was reported and formally investigated under FNB reference ***. All required documentation, including a SAPS case number, sworn affidavit, proof of payment, and supporting evidence, was submitted on 14 November 2025.

FNB has now issued a final written response confirming that: • The funds were successfully traced to an implicated account held at Standard Bank, and • The funds were fully utilised in that account before recovery could take place.

This raises serious concerns regarding Standard Bank’s internal controls and response time, as the implicated account was allowed to continue operating normally while: • A ***** investigation was active • Interbank correspondence was ongoing • Follow-ups were being sent requesting feedback

At no point did Standard Bank contact me directly, notify me of risk mitigation steps, or confirm whether any effort was made to: • Temporarily restrict the account • Flag the account for suspicious activity • Prevent further dissipation of funds

As a result, the entire amount was depleted, leaving recovery dependent on lengthy ******** and subpoena processes.

I find it unacceptable that a major bank would allow an implicated account to fully exhaust *****ulent funds without timely intervention, particularly given the prevalence of ***** in South Africa and the duty of care banks owe to the financial system.

I am requesting: 1. A formal explanation from Standard Bank as to why the account was not restricted or flagged 2. Confirmation of what risk controls were app****, if any 3. Clarification on why interbank ***** protocols failed in this instance

Customers should not bear the full consequences of institutional delays and control failures.

If this matter is not adequately addressed, I will escalate further to the Banking Ombudsman and other regulatory channels.