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Punch Newspapers Sections Published 5:05 am Three financial services regulators in the country have sanctioned 10 of the nation’s lenders to the tune of N2.5bn for committing various market infractions, findings by Sunday PUNCH have shown. Specifically, the Central Bank of Nigeria, Securities and Exchange Commission and Financial Reporting Council of Nigeria have sanctioned Guaranty Trust Bank Plc, Zenith Bank Plc, Access Bank Plc, FBN Holdings Plc, FCMB Group and five others for diverse market infractions. The financial violations range from non-compliance with anti-money laundering proce...

Nominee Company A Nominee for the purpose of this Regulation is a company formed by a bank or other financial institution for the purpose of holding securities and other assets and administering them on behalf of the actual owners under the terms of a custodial or nominee agreement.   Holding Company/Parent Company: For the purpose of these rules, means a bank or other eligible financial institution that owns and controls a nominee company.   Client: Means a person who has entered into agreement with a nominee company to hold and manage its securities or other assets.   Business of Nomi...

National Financial Action Task Force to Include FBR Officials In order to effectively combat the menace of money laundering, the National Financial Action Task Force (FATF) Secretariat will be equipped with the experienced tax officials of the Federal Board of Revenue (FBR). The Establishment Division has written a letter to the Chairman FBR Javed Ghani that FATF Secretariat urgently requires the services of suitable officials for posting as Directors and Deputy Directors on a deputation basis. Subsequently, the FBR has asked its officials to apply for the said positions at the FATF Secretari...