The Central Bank of Nigeria [CBN] has imposed a total fine of N3.2bn on United Bank for Africa Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, and Sterling Bank Plc for committing various kinds of regulatory infractions.

UBA had the highest fine among the four banks, paying the sum of N2.969bn as penalty to the CBN for committing eight offences.

The offences 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.

Zenith Bank, which had the second largest fine, paid the sum of N60.1m to the central bank for committing nine offences.

The CBN fined GTBank the sum of N60.05m for committing three offences in the 2015 financial year. The offences involved delay in transmitting the list of the TSA names to the CBN, N2m; late rendition of returns, N50,000; and contravention of the CBN circular on prior clearance of prospective employees of banks, N4m.

Sterling Bank, which had the least fine among the four banks, was fined N13m for committing five offences.

More Political News on

http://www.oneinfoplus.com/2016/04/32bn-fines-hit-zenith-uba-gtbank.html?m=1

Lol....fine them, make them sit up

Oh uba is there.. Good

14. Please search the forum before creating a new thread on Nairaland.

https://www.nairaland.com/3066228/cbn-fines-zenith-uba-gtbank