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Bank Obligated to Report Funds Transfers Above N5 Million

As part of its commitment to transparency and compliance with regulatory requirements, a leading financial institution in Nigeria has disclosed that it is obliged to report all funds transfers above N5 million for individuals and N10 million for corporate customers.

Relationship with Regulators and Law Enforcement Agencies

The bank maintains a cordial relationship with regulatory agencies such as the Nigerian Financial Intelligence Unit (NFIU) and the Central Bank of Nigeria (CBN), among others. The bank promptly complies with all requests made by these agencies and provides necessary information to support their investigations.

Sanctions Compliance Management

The bank has a zero-tolerance policy towards dealing with sanctioned individuals or entities. As part of its sanctions screening process, the bank uses an automated monitoring tool to identify and monitor transactions involving persons on the sanctions list.

Politically Exposed Persons (PEPs)

The bank applies enhanced due diligence measures to Politically Exposed Persons (PEPs) and their associates to mitigate the risk of money laundering and terrorist financing. The bank uses an automated monitoring tool to identify and monitor transactions involving PEPs.

AML/CFT Training

The bank places a high value on training its employees to ensure they are conversant with AML/CFT laws, KYC principles, and other relevant information. Annual compliance training is mandatory for all staff members, including senior management and directors.

AML/CFT Audits

The bank conducts internal audits of its AML/CFT function on a quarterly basis to test the effectiveness of its measures and ensure compliance with regulatory requirements. The audit report and findings are circulated to various levels of senior management, and a follow-up is conducted to ensure that recommended actions are implemented.

Record Retention

The bank retains customer identification documents throughout the life of an account and for five years after the cessation of banking relationship, except in cases of litigation or regulatory investigations.

Ethics and Corruption

The bank has a zero-tolerance policy towards bribery and corruption and has put in place measures to prevent corrupt practices. The bank has signed up to the Convention on Business Integrity and is committed to creating role models for society by promoting ethical standards and integrity.

Conclusion

In light of these initiatives, the bank remains committed to its vision of creating value for stakeholders through transparent best business practices and fostering international relationships that can lead to meaningful exchange.