UBA, Jaiz, FCMB, Stanbic IBTC pay N1.38bn fine for money laundering, other offences

THE United Bank for Africa (UBA) Plc and three other banks have paid a fine to the tune of N1.38 billion for breaching the anti-money laundering requirements and other offences during the 2022 financial year.

This was disclosed in the banks’ audited financial statements for the year ended December 31, 2022, The ICIR can report.

The statements showed that UBA and the three other banks – FCMB Group, Stanbic IBTC Holdings Plc and Jaiz Bank Plc – were penalised for other offences that included breach of legislation, settlement of delays and regulatory infractions.


READ ALSO:
Money laundering: Okupe steps down as DG of Peter Obi’s campaign council

UBA silent on staff dismissal as ex-staff claim bank got rid of them like “spoilt goods”

Stocks: Banking, other indices plunge as MPR goes up


The UBA stated that it paid a total fine of N1.14 billion in 2022, compared to the sum of N513 million it paid in 2021.

Stanbic IBTC paid N159 million in the review year as against N233 million in the prior year, while FCMB’s fine for 2022 lowered to N70.30 million from N723.31 million paid in 2021.




     

     

    Jaiz Bank said it got a fine of N6.25 million for flouting a Central Bank of Nigeria’s (CBN) regulation 2013, and also N5 million fine by the Securities and Exchange Commission in respect of renewal of 2022 registration as capital market operator.

    Primarily, the legislations governing banking activities in Nigeria include the Banks and other Financial Institutions Act (BOFIA) and the Central Bank of Nigeria Act.

    “The bank contravened certain sections of the Central Bank of Nigeria Anti-Money Laundering and Combating the Financing of Terrorism (AML & CFT) Regulations, 2013 (as amended) and Securities and Exchange Commission’s Rules and Regulations during the year,” Deloitte stated in its independent auditor’s report for Jaiz Bank.

    The FCMB explained that the penalties it received were incurred as a result of settlement delays and regulatory infractions.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here


    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement

    Recent

    - Advertisement