Details showed that the sanction included penalty for no credit bureau report; penalty for non display of account in branch; penalty for failure to notify CBN of exit of Acting Chief Internal Auditor; penalty for late filing of the audited account for two days; penalty for inability to provide ATM footage; penalty for contravening various AML/CFT; and penalty for non performing loan.
On non-display of account in its branch, the bank was fined N108,000; as penalty for no credit bureau report, it received sanction of N4 million; for failure to notify CBN of exit of Acting Chief Internal Auditor, the bank was fined N4 million. As penalty for late filing of the audited account for two days, the bank was fined N400,000 while as penalty for inability to provide ATM footage; penalty for contravening various AML/CF, the bank was fined N8 million.The two regulatory bodies involved in the monitoring and sanction of the bank are the Central Bank of Nigeria, CBN, and the Security and Exchange Commission, SEC.
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