CBN fines Zenith Bank N15.42bn for money laundering, forex, other infractions

The Central Bank of Nigeria (CBN) has imposed a N15.42 billion fine on Zenith Bank Plc for multiple regulatory violations recorded during the 2024 financial period. 

The penalties stem from infractions related to money laundering, foreign exchange transactions, cybersecurity breaches, risk assessment failures, and other compliance shortcomings.

A review of Zenith Bank’s audited financial report submitted to the Nigerian Exchange (NGX) reveals that the largest portion of the fine—N14.64 billion—was tied to foreign exchange-related infractions. Additional penalties include:

N322 million for failure to conduct proper checks on customer onboarding documentation.

N250 million for general non-compliance with CBN regulations.

N103.25 million for not conducting mandatory anti-money laundering reviews.

N61 million for other anti-money laundering-related violations.

N14 million for failure to comply with CBN’s directive on reconciling customer charges.

N4 million each for risk assessment infractions and cybersecurity breaches.

The fines are part of the CBN’s broader crackdown on financial misconduct, reinforcing its commitment to transparency, risk management, and banking sector integrity. Under the leadership of Governor Olayemi Cardoso, the CBN has intensified supervision of banks, particularly in areas of anti-money laundering (AML) and combating the financing of terrorism (CFT).

As digital banking and mobile payments continue to grow in Nigeria, authorities have increased oversight to prevent illicit financial activities. The CBN, alongside the Nigerian Financial Intelligence Unit (NFIU), has maintained a firm stance against financial crimes, ensuring compliance with both local and international banking standards.

The recent fines against Zenith Bank serve as a stern warning to other financial institutions, emphasizing the CBN’s resolve to uphold strict banking regulations and protect the Nigerian economy from fraudulent activities.