Central Bank of Nigeria Fined Zenith, UBA, GTBank and Sterling Bank N3.2bn

The Central Bank of Nigeria, CBN, has fined Zenith, UBA, Guaranty Trust Bank and Sterling Bank a total of N3.2bn for committing various offences in the year 2015, Punch reports.

UBA was fined N2.969bn, Zenith was fined N60.1m, GTBank was fined N60.05m while Sterling Bank was fined N13m.

The offences of UBA are: failing to meet the Treasury Single Account reporting and remittance deadline, N2.946bn; failure to update customers’ records and conducting continuous due diligence on some accounts, N2m; and failing to review credit policy at least every three years in line with section 3.1 of the prudential guidelines 2010, N4m.

Others are bidding for export proceeds in excess of the Bankers’ Committee guidance rates, N4.8m; violating the CBN circular in respect of the 2015 Risk-based Examination, N2m; and inadvertent omission of two customers from the PEP returns, N2m.

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