According to the banks result released at the Nigerian
Exchange Limited (NGX), the financial institutions in the first half year of
this year contravene about 11 market infractions with Access bank sanctioned a
sum of N190 million and Stanbic IBTC Holdings N233million.
THISDAY gathered that Stanbic IBTC Holdings in prior half
year was sanctioned N45million.
Analysis of the banks audited half year results showed that
Stanbic IBTC Holdings was heavily sanctioned about N230 million for an alleged
contravention of extant foreign exchange regulations from January 2013 to July
2020, while CBN imposed N100million on Access bank for faulting its guidelines
on diaspora remittances.
Other sanctioned imposed on Access Bank by CBN and SEC
include Sum of N2.9million in respect of delayed response to the queries of the
SEC on cases with two customers and N2million in respect of CBN’s directive on
migration of some accounts to a specified product.
Access Bank was sanctioned N80million being penalty for
contravening the CBN’s foreign exchange regulations from Jan 1, 2013 to July
31, 2020 and paid the SEC N0.5 million in respect of contravention of rule for
receiving bank.
The N0.5 million fine was in respect of a shareholder’s
complaint on dividend as the CBN imposed N2million in respect of Consumer
Protection report for the period of Jul 2020- Dec 2020.
In addition, Access Bank was fined a sum of N2.25million in
respect of failure to comply with the CBN’s AML/CFT regulations and KYC
policies in respect of a customer’s account.
For Stanbic IBTC Holdings, it was fined N1million N1 million
for administrative infractions during Retirement Savings Account Transfer 4th
Quarter of 2020 as a result of failed validation attempts at the point of
upload.
The bank in its audited half year ended June 30, 2021
results added that: “Penalty imposed by CBN following an alleged unfair
termination of employment of former employee: The CBN imposed a penalty of N2
million on the Bank following an alleged unfair termination of employment of a
former employee, whose employment was terminated for being unable to meet the
performance criteria required to confirm his employment in line with policy.”
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