The Central Bank of Nigeria (CBN) has imposed N22 million sanctions on Guaranty Trust Bank plc (GTBank), United Bank for Africa plc (UBA) and Fidelity Bank plc in six months of 2019.
The apex bank sanctions on the above banks were based on the late resolution of customers’ complaints, failure to oblige with banking rules that involved transparency, among others.
GTBank was sanctioned twice in the six months of 2019 with an accumulative sum of N10 million.
The breakdown revealed that the bank was sanctioned N2 million for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulation on three-tiered Know-Your-Customer (KYC) and N8million for 2018 risk-based examination findings.
GTBank explained that it is committed to the fight against all forms of financial crimes, which include money laundering and terrorist financing, bribery and corruption. To this end, the bank has continually implemented a framework for AML, CFT and the prevention of the financing and proliferation of weapons of mass destruction.
However, UBA was sanctioned N8 million in six months of 2019.
The bank was involved in the late resolution of a customer complaint that invokes CBN sanction of N2 million and deficiency in account documentation/aye records retrieval with carries N6million penalty of CBN.
In addition, Fidelity Bank was sanctioned N4 million in six months of 2019 and the reason for the contravention was note mentioned.
The CBN and Financial Reporting Council of Nigeria (FRCN) last year imposed N12million contraventions on Fidelity with CBN, imposing N2 million and FRCN imposing N10 million.