A total of N15 billion in fines was levied against 29 banks by the Central Bank of Nigeria (CBN) for breaking anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
At the Chartered Institute of Bankers of Nigeria (CIBN) 2024 Bankers’ Night in Lagos, CBN Governor Olayemi Cardoso made this announcement.
Cardoso emphasized in his remarks the seriousness of these infractions and the necessity for the impacted banks to fix the structural flaws that permitted these failures to happen, BusinessDay reported.
The governor of the CBN emphasized the wider effects of compliance on the financial system, pointing out that organizations that place a high priority on following regulations support stability and national progress.
Cardoso added that non-compliance has repercussions that go beyond fines imposed by the government. He asserts that problems like fraud, corruption, and money laundering threaten the core of the financial system.
The governor outlined a goal for Nigeria’s banking sector to have a strong compliance culture. He emphasized that financial institutions need to be proactive in identifying and reducing risks in addition to adhering to legal requirements.
According to Cardoso, boards and CEOs need to set an example by prioritizing compliance strategically and advocating for zero tolerance for violations, both in terms of policy and in actuality. He advised financial institutions to aggressively handle risks in high-risk locations and foresee vulnerabilities.
TimesNow.com.ng reported that the Central Bank of Nigeria (CBN) is set to penalize negligent financial firms for the ongoing cash shortage at Automated Teller Machines (ATMs).
CBN Governor Dr. Olayemi Cardoso made this known on Friday at the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria.
The declaration was made in response to reports of cash shortages in banks in recent days, both at ATMs and over the counter.
Source: TimesNow.com.ng
