Thaba-Tseka – Standard Lesotho Bank has introduced measures to prevent money laundering and depositing of fake currencies, in order to protect clients’ bank accounts with new technology.
Speaking at a Client Management Forum in Thaba-Tseka, Head Sales for the Bank Mr. Bright Pita said for services such as card less banking and Automated Teller Machine deposits, they will have a machine to detect fake currencies.
He added that to prevent money laundering, whenever they see anything suspicious in clients’ accounts, those will be contacted and failure to explain source of such funds will lead to account freezing, saying the proof of income clients submit when opening accounts helps them to notice suspicious transactions.
Mr. Pita said to date cyber- crime has not been reported, but if it happens they have a forensic office that works with information security systems to prevent known cyber-attacks, and they also work with the Police if such a crime is reported.
He said the improvements come after a survey carried out in 2016, which revealed challenges such as delivery of statements, inefficient and ineffective technology as well as frustrating cross border transactions.