Why Fidelity Bank flagged suspicious international money transfer

• Fidelity Bank has responded to the bribery allegations from a customer, arsenic published successful a caller report
• The slope besides explained wherefore it flagged the customer's remittances arsenic suspicious, and listed the steps it took to guarantee compliance
• The connection noted that the slope whitethorn beryllium taking ineligible steps implicit the actions which threatened its firm reputation

Legit.ng writer Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

Fidelity Bank has yet released a connection explaining wherefore it flagged an planetary wealth transfer and refused to merchandise the funds to the customer.

The slope besides spoke up connected the claims that its unit astatine the University of Benin (UNIBEN) subdivision demanded a bribe to merchandise the said funds.

The slope said, successful a connection signed by Meksley Nwagboh, the Divisional Head, Brand and Communications, that the transaction raised reddish flags nether its compliance protocols and was automatically flagged.

The slope explained that splitting of transactions is often utilized to evade regulatory threshold checks. Photo credit: Contributor/Fidelity Bank
Source: UGC

A study claimed that the slope unit demanded a bribe from the customer, identified arsenic Patrick Majekodunmi Benjamin, who came to the UNIBEN subdivision to assertion his Remitly transfer.

The study from Sahara Reporters accused Fidelity Bank of deliberately withholding the funds without capable reasons, lone for its unit to request a bribe erstwhile the lawsuit came connected March 14, 2025, to assertion the funds.

According to the report, determination were discrepancies with the customer’s mediate name, which was corrected, but lone the archetypal portion of the funds was released. The operations manager was alleged to person made remarks that implied wanting immoderate signifier of bribe earlier outgo would beryllium released.

Fidelity Bank explains wherefore it flagged transactions

The slope connection released connected Thursday described the reports arsenic false, malicious, and grossly unprofessional.

In its account, Fidelity Bank explained that the archetypal merchandise of funds was delayed owed to the discrepancy successful the name, but erstwhile that was resolved, the archetypal tranche was released.

Only past did the slope realise that the remittance was divided into 7 parts, flagging compliance issues, PREMIUM TIMES reports.

The connection read;

“In compliance with the bank’s Remittance policy, aggregate transactions (i.e. we noticed the transaction was divided into 7 parts) are required to beryllium sent to the Compliance section for owed diligence earlier outgo tin beryllium made. This was communicated to the customer.”

The slope noted that the splitting of funds has been observed to beryllium a communal method utilized to evade regulatory threshold checks and scrutiny, hence the determination for further compliance checks.

Fidelity slope assured that it remains commited to the highest level of professionalism with its customers. Photo credit: Fidelity Bank
Source: UGC

By the clip the lawsuit returned connected Monday, 17 March, the compliance checks had not been completed due to the fact that respective different issues made the transactions suspicious.

It said;

"Our reappraisal showed that the transactions were suspicious.”

The slope noted that the measurement of the funds, splitting of the transfers, the engagement of a 3rd enactment said to beryllium the recipient’s husband, and the beneficiary's inability to explicate the intent of the funds each made the transactions suspicious.

The slope also contacted the planetary money transportation operator, Remitly, which confirmed that it could neither scope the sender nor validate said narration with the beneficiary.

“Remitly’s wide directive to the slope was to cull the transaction arsenic they were incapable to interaction the sender, and the beneficiary could not validate her narration with the sender.”

It stressed that the unit ne'er requested oregon demanded a bribe, whether implicitly oregon explicitly and faulted Sahara Reporters for publishing specified a communicative without immoderate evidence.

Fidelity Bank to instrumentality ineligible action

Fidelity Bank added that the lawsuit returned connected Monday, March 24, 2025, to signifier a objection astatine the UNIBEN branch.

In response, Fidelity Bank is present successful consultations to question ineligible remedies, and has forwarded the substance to instrumentality enforcement for further investigations.

The connection assured that would proceed to support the highest ethical standards successful its interactions with customers.

Fidelity Bank gets support to rise capital

Shareholders of Fidelity Bank Plc precocious approved the 2nd signifier of capital raising.

The improvement follows the palmy completion of the archetypal signifier of its capital-raising activities.

The bank's issued stock superior accrued from N26.7 cardinal to N36.7 cardinal arsenic portion of this development.

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Source: Legit.ng