CBN releases administrative sanction for AML/CFT

by | April 26, 2018 7:41 am

The Central Bank of Nigeria (CBN) in collaboration with the Attorney-General of the Federation (AOGF) have developed a robust administrative sanction regime for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), regulations 2018.

In a circular to all banks and other financial institutions, signed by Kevin Amugo, director, financial policy and regulation department, the CBN said the administrative sanction regime has been gazetted to give it legal effect and ensure with FATF and GIABA requirements.

The circular states that a minimum penalty of N20 million shall be charged on deposit money banks for failure to establish written AML/CFT policies and procedures.

On the same infraction  Unit Microfinance banks shall pay N300,000, Finance Companies/Bureau De Change/State MFBs N500,000, State Primary Mortgage Bank/National MFB  -N1 million, and N5 million for National PMB.