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



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



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