Money laundering: CBN plans stiffer penalties for banks
The Central Bank of Nigeria is planning stiffer penalties for banks involved in money laundering as part of efforts aimed at strengthening the fight against criminality.
The Chief Compliance Officer, Access Bank Plc, Mr. Pattison Boleigha, who dropped the hint in Abuja, said it would involve the withdrawal of professional licence and imprisonment of principal officers.
The move, it was learnt on Sunday, became imperative because sanctions meted out against errant financial institutions in the past had not deterred them.
Boleigha said, henceforth, the sanctions would be administrative in nature.
He spoke during the inauguration of new board members of the Association of Certified anti-Money Laundering Specialists.
He said since infractions could arise from the activities in a branch or subsidiary at both local and offshore locations, the sanctions would be systematic and not transactional.
He said, “All financial institutions must seek to comply with all laws and regulations applicable to the conduct of their business or related activities.”
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