TSA Compliance: CBN Slams N3.2 Billion Fine On UBA, Zenith, GTBank, Sterling...

TSA Compliance: CBN Slams N3.2 Billion Fine On UBA, Zenith, GTBank, Sterling Banks (DETAILS)

By Omos Oyibode | Staff Reporter on April 24, 2016
Recession FOREX CBN Central Bank Governor of Nigeria, Mr. Godwin Emefiele CBN Naira
Central Bank Governor of Nigeria, Mr. Godwin Emefiele

The Central Bank of Nigeria (CBN) has slammed a fine of N3.2 billion on three Nigerian banks for committing various regulatory offenses.

According to Punch, the banks are United Bank for Africa Plc, Zenith Bank, GTBank, and Sterling Bank. The four banks are among the largest banks in the country.

The offenses as reported in the newspaper, were committed during the 2015 financial year, and contained in the annual reports of the four banks, copies of the financial transactions were made available to journalists at the weekend.

Among the offenses, UBA has the highest with N2.969 billion as fine for committing eight offenses against the regulation of the nation’s apex bank.

The bank failed to meet the single treasury account reporting and remittance deadline, failure to update customers’ records and conducting continuous due diligence on some accounts and failing to review credit policy at least every three years in line with section 3.1 of the prudential guidelines 2010.

Other offenses of the bank, Punch reports, include bidding for export proceeds in excess of the Bankers’ Committee guidance rates, violating the CBN circular in respect of the 2015 Risk-based Examination and inadvertently omitting two customers from the PEP returns, among others.

The offense of Zenith Bank comprise infractions arising from risk assets management as of December 31, 2014, late rendition of account and forgeries returns, fraudulent instant pay from an account in the Enterprise Bank to the Valucci Properties, and late rendition of returns in respect of CDL, and other sundry offenses totaling N60.1m.

The Guarantee Trust Bank was fined N60.05 million for committing three offenses while the Sterling Bank was fined N13 million for committing five offenses.


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