Connect with us

Nigeria In One Minute

Money laundering: New sanction regime will enhance public confidence-MfB operators

Published

on

MICROFINANCE banks’ operators have commended the new Anti-Money Laundering/Counter Financing Terrorism (AML/CFT) sanction regime saying it will enhance public confidence in the banking system.

Two weeks ago, the CBN rolled out a new AML/CFT sanction regime which stipulates fines against banks, their directors and other key officials for money laundering infractions.

According to the CBN, failure to establish written AML/CFT policies and procedures would attract a minimum penalty of N300, 000 from a Unit, N500, 000 for State and N1 million for National MfBs. Failure to communicate AML/CFT programme of the organisation to employee, a minimum penalty on the chief compliance officer N100, 000 for Unit, N300,000 for State and N500,000 for National MfBs respectively.

Commenting on this development, MfB operators said that sanctions stipulated in the new regime will help to check the activities of MfB officials, and ultimately boost public confidence.

Vanguard, May 7, 2018

 

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now