The Central Bank of Nigeria (CBN) may sanction Fidelity Bank Plc for infraction over $115 million allegedly lodged in the bank by the embattled former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.
A source at the CBN who asked not to be named because of the sensitive nature of the issue, he said, the apex bank has since commenced investigation into the matter in order to take a stand.
“I’m aware that the CBN is already investigating the matter in collaboration with the relevant security agencies. Once it is established that the bank is guilty of infraction the necessary sanctions will apply,” he said.
Financial institutions are required by the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Regulations, 2013 (as amended) to forward their AML/CFT Compliance Manual to the Central Bank of Nigeria (CBN) for off-site review of the document as well as carry out enhanced customer due diligence for high risk customers and effective Know Your Customer (KYC) processes.
The AML/CFT Regulations, 2013 (as amended) also requires financial institutions to maintain all necessary records on transactions, both domestic and international, for at least five years after completion of the transactions or such longer period as may be required by the CBN and Nigeria Financial Intelligence Unit (NFIU). This rule shall apply regardless of whether the account or business relationship is on-going or has been terminated.