The Central Bank of Nigeria (CBN) has imposed penalties totaling N15 billion on 29 banks for non-compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations.
CBN Governor Olayemi Cardoso made this announcement at the 2024 Bankers’ Night, hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
CBN Governor Olayemi Cardoso emphasized the severity of the violations and urged the affected banks to tackle the underlying systemic weaknesses that led to these lapses.
Read also:
- Enugu SME Center empowers youths through construction skills TVET programme
- AfDB, Italy sign $6B deal, BoI secures $50M for SMEs
- Delta ALGON Chair hails Oborevwori’s empowerment drive
- FG to set up multi-level steering committee to boost industrial growth
- African SMEs forum champions Intra-African trade, ‘Made in Africa’
Cardoso stated, “In addition to these penalties, the banks are required to address the root causes of the lapses, which is crucial for improving regulatory effectiveness. Historically, the industry has struggled with recurring issues, but we are confident that this approach will help change that narrative,”
“A bank that prioritises compliance does more than protect itself -it strengthens the entire financial ecosystem. It directs financial resources toward growth, innovation, and prosperity rather than crime and corruption. Together, we must exceed standards, demonstrating to the public and the world that we are stewards of integrity and trust,” he added.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
