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# Nigeria's CBN Fines Zenith Bank ₦15.42 Billion in Aggregate Penalties for AML, FX and Regulatory Violations
- URL: https://www.theglobalbanker.com/nigerias-cbn-fines-zenith-bank-15-42-billion-in-aggregate-penalties-for-aml-fx-and-regulatory/
- Published: 2025-03-27T11:26:00.000Z
- Updated: 2026-10-02T14:36:38.000Z
- Description: Nigeria's central bank imposed aggregate penalties of ₦15.42 billion on Zenith Bank Plc during 2024, covering FX trading, AML compliance, cybersecurity, and consumer protection failures.
- Author: TGB Editorial Team
- Tags: Regulations, Africa, #archive

The Central Bank of Nigeria imposed aggregate penalties of ₦15.42 billion on Zenith Bank Plc during the 2024 financial period for a broad range of regulatory violations spanning foreign exchange trading, anti-money-laundering compliance, cybersecurity standards, and consumer protection obligations. The figures were disclosed in the bank's 2024 Audited Financial Statement.

Zenith Bank is Nigeria's largest bank by Tier-1 capital. 

#### BREAKDOWN OF PENALTIES ACROSS VIOLATIONS

The largest single component of the aggregate fine is ₦14.64 billion arising from a CBN foreign exchange examination, about 95% of the total. Beyond the FX fine, the CBN imposed ₦103.25 million for failure to conduct required anti-money-laundering reviews and a further ₦61 million for separate AML compliance findings. An additional ₦322 million was levied for failures in customer onboarding documentation, ₦250 million was levied for violating existing CBN regulations more broadly, ₦20 million for non-compliance with specific CBN directives, ₦14 million for failures in the reconciliation of customer charges, ₦2 million for the late resolution of customer complaints, and ₦4 million each for cybersecurity breaches and a risk-assessment examination finding.