THE Central Bank of Nigeria (CBN) has imposed a hefty fine of Fifteen Billion, Forty-Two Thousand Naira (N15.42) on Zenith Bank Plc for multiple regulatory infractions during the 2024 financial period.
The penalty underscores the apex bank’s commitment to upholding stringent banking regulations and maintaining the integrity of Nigeria’s financial system.
The fine stems from Zenith Bank’s non-compliance with key banking regulations, including foreign exchange violations, money laundering infractions, risk assessment examination breaches, cybersecurity failures, and other compliance shortcomings.
A major portion of the fine — N14.64 billion — was levied for infractions related to foreign exchange examination, making it the highest penalty imposed by the CBN on the bank.
Additionally, the bank was penalized with N322 million for failing to conduct adequate checks on customer onboarding documentation.
Further penalties include N250 million for violating existing CBN regulations, N103.25 million for failing to conduct anti-money laundering reviews, and N61 million for other anti-money laundering findings.
The bank also faced fines of N2 million for delays in resolving customer complaints, N14 million for non-compliance with CBN’s directive on reconciliation of customer charges, and N4 million each for risk assessment infractions and cybersecurity breaches.
The Nigerian government, alongside regulatory bodies such as the CBN and the Nigerian Financial Intelligence Unit (NFIU), has intensified efforts to combat money laundering and financial misconduct.
The rapid rise of digital banking and mobile payment systems has opened new avenues for illicit financial activities, prompting stronger oversight of fintech and mobile payment platforms to ensure compliance with anti-money laundering (AML) measures.
Under the leadership of CBN Governor Olayemi Cardoso, the central bank has reinforced regulatory frameworks, strengthened financial oversight, and enhanced foreign exchange management.
His administration has prioritised financial inclusion, inflation control, and risk management in the banking sector, while also enforcing strict adherence to global AML and combating the financing of terrorism (CFT) regulations.
The CBN’s crackdown on financial misconduct reflects a broader strategy to ensure that Nigerian banks operate with transparency and accountability.
The fight against fraud and illicit financial activities remains a key priority, with banks now facing increased scrutiny to prevent breaches that could undermine the stability of the financial system.
Source: THE WHISTLER
Eighteen-Eleven Media