CBN sanctions GTB, UBA, Access and Fidelity for money laundering and other infractions

The Governor of the Central Bank of Nigeria, Godwin Emefiele

Report has it that the Central Bank of Nigeria and the Financial Reporting Council of Nigeria sanctioned four banks (Guarantee Trust Bank, United Bank for Africa, Access Bank, Fidelity Bank) between January and June over alleged money laundering.

The CBN allegedly sanctioned the banks for failing to comply with its Know-Your-Customers guideline.

GTB, UBA, Access Bank and Fidelity Bank paid a fine of N10million, N8million, N8million, and N4million respectively.

According to The Punch GTB in its audited financial statement for Jan – Jun revealed that it was sanctioned N2million for Anti-Money laundering/Combating the Financing of Terrorism regulation and N8million for 2018 risk-based examination findings.

Access Bank paid N4million for failing to comply with the anti-money laundering requirement and another N4million for failing to comply with the CBN guide for fund transfer.

UBA paid N2million for late resolution of customer complaints and N6million for deficiency in account documentation/late records retrieval.  

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