Standard bank employee debarred for using own funds to activate clients’ accounts

A FORMER Standard Bank employee has been debarred from working in the financial industry after it was found that he used his own money to activate clients’ accounts to reach a target.

- SINENHLANHLA MASILELA

Curtis Arthus Abrahams provided financial services including selling MyMo accounts to clients. These accounts require clients to activate them by making a mandatory deposit.

Around September 2020, the bank sent emails explaining the rules of the MyMo account activation process.

One of the rules stated that a client in whose name the account is opened is required to activate it by depositing a minimum amount. The email specifically stated that bank representatives were not allowed to use their own funds to activate the accounts.

In order to meet his sales target, Abrahams had to sell a certain number of MyMo accounts every month.

Faced with the pressure of meeting monthly sales targets, Abrahams activated several accounts by depositing funds from his personal bank account. The evidence was not disputed.