Zenith

  • Latest News

    Tuesday, May 3, 2016

    CBN Slams N13m On Sterling Bank Over Financial Malpractices

    Sterling-Bank-MD-Yemi-Adeola
    The Central Bank of Nigeria, CBN, has imposed a total fine of N13m.2bn on Sterling Bank Plc for committing various kinds of regulatory infractions. The offences, which were committed during the 2015 financial year, were contained in the annual reports of the bank.


    The Yemi Adeola led Sterling Bank was fined N13m for committing five offences.

    The offences listed against the bank are failure of its system in preventing tiered-customers from exceeding their thresholds, N2m; not classifying customers into appropriate risk category and incomplete account opening forms, N4m; and failure of the bank to provide reports to the Nigerian Interbank Settlement System Plc as required in the circular, N1m.

    Others are failure of the bank to meet the deadline for transfer of funds to the TSA, N4m; and delay in response to the CBN directive in respect of reporting lines of the Chief Compliance Officer, N2m.
    • Blogger Comments
    • Facebook Comments

    0 comments:

    Item Reviewed: CBN Slams N13m On Sterling Bank Over Financial Malpractices Rating: 5 Reviewed By: BrandIconImage
    Scroll to Top