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.
Princess Ada is a Senior Content Creator and Head of Field Reporters at Naija Buzz News. She is a graduate of The Federal Polytechnic Nasarawa, Nasarawa State, where she studied Accounting before joining the media industry. She’s well experienced in Nigeria’s online media space. Ada previously worked as the Head of Business Operations at 1Push.Ng. She is a proud Igbo from Enugu State, South-East Nigeria.