Regulatory Alerts2015-08-03 | BPS/DIR/GEN/CIR/02/007Added · Updated
Sanctions on Erring Banks/e-Payment Service Providers for Infractions of Payments System Rules and Regulations
The Central Bank of Nigeria outlines sanctions for banks and payment system service providers that violate guidelines, circulars, rules, and regulations related to electronic payment systems. These sanctions include fines, penalties, and full liability for any fraud that occurs due to non-compliance. The bank also reserves the right to close down operations and prosecute offenders in certain cases.
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