Bank Employee Etc Declaration of Assets Act Amendment Bill
Bill · Governance
A Bill amends the Act to require bank employees to declare their assets, strengthening anti-corruption measures in the financial sector. It targets employees, directors, and regulators of banks and financial institutions. This improves transparency and deters financial crimes.
What Is This Policy?
Proposes updates to the Act requiring bank employees and financial institution staff to declare their assets, aimed at strengthening anti-corruption, anti-money laundering, and financial integrity frameworks in the banking sector.
Who Does It Target?
Employees of banks and other financial institutions Bank directors, board members, and senior management Financial sector regulators including the CBN and EFCC
What Does It Aim to Achieve?
Strengthen asset declaration obligations for banking sector employees Detect and deter insider fraud, money laundering, and financial crimes within banks Improve transparency and accountability in Nigeria's financial sector
Key Features
Updated Declaration Scope: Expanded requirements covering broader categories of financial assets, liabilities, and interests Digital Compliance: Provisions for electronic asset declaration and verification systems Penalties: Stiffer sanctions for false declaration, non-disclosure, or non-compliance Regulatory Access: Enhanced CBN and EFCC access to declaration data for investigation purposes
Current Status
How to Access
Affected bank employees must file declarations through their employer's compliance department and relevant regulatory portals Applicable to all bank employees and directors upon enactment Filing deadlines as specified in the amended Act Application method: Institutional compliance portals and CBN reporting systems
Important Terms
Failure to declare assets or making false declarations carries criminal liability Declarations may be audited by the CBN or EFCC at any time
Impact & Metrics
Strengthens financial sector integrity and supports Nigeria's anti-money laundering and anti-corruption efforts.
Official Resources
Website: cbn.gov.ng Contact: Central Bank of Nigeria | EFCC – efccnigeria.org This policy summary is intended for informational purposes. For official and legal information, refer to the cited Act or Bill and official government sources.
Legal Framework
Introduced under the legislative powers of the National Assembly vested by Section 4 of the 1999 Constitution (as amended) as an amendment to the Bank Employees, etc. (Declaration of Assets) Act (Cap B1 LFN 2004). Operates alongside the Banks and Other Financial Institutions Act (BOFIA) 2020, the EFCC (Establishment) Act 2004, the ICPC Act 2000, and the Money Laundering (Prevention and Prohibition) Act 2022. Aligns with FATF Recommendations on financial sector integrity.