STANDARD BANK *****

Standard Bank has proven to be a vessel for ********** activities. The account of "Quality Auto Cars" was opened in their book, as a CC. Normally an account as such should be checked, CC documents verified through CIPRO, they even received SARS documents, FICA business and members should be verified. The business- Quality Auto Cars claimed to be residing in George, they advertise "repossessed" vehicles on FB, Whatsapp catalogue etc. They have NO PREMISES and secure their ***** via online transactions, which Standard Bank supported through this account. On viewing they are nowhere to be found and you are blocked, funds of down payment or deposit being withdrawn from the account.. A purchaser was de*****ed with numerous payments (down payments) being done through this Standard Bank account. The bank did not pick up any concerns, perhaps a lack of management of business accounts? A case was logged and all necessary documents as needed, were supp**** to Standard bank. on first contact they confirmed all measures have been taken from their side. They passed the buck to the transfer bank and accepted no responsibility. The case was closed, with no feedback as to the questions that were asked, actually the writings were ignored. The fact remains, the bank should have taken the necessary care when this account was opened, it is evident that the documents supp**** to them by "Quality Auto Cars" were not verified and the individual who checked this account did not verify either. We believe Standard Bank should action the claim as per the case at hand and refund the party involved. This entire challenge could have been prevented if Standard Bank had processes in place to verify the truthful information of the account opening documents. In this day and time it is shocking that a bank is not vigilant and provided a channel for *****. Surely, the activities on this account should have reached a red flag? We are yet to be provided with the information on the how, when. Standard bank retracted themselves from the claim, as previously touched on, this is an area for concern for South Africa as a whole, should banks not curb *****? Or can they move the pillar and take no responsibility? Absolutely not.