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Zenith Bank (UK) Limited Work Experience August 7th- August 19th 2016
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‘An establishment authorised by a government to accept deposits, pay interest, clear checks, make loans, act as an
intermediary in financial transactions, and provide other financial services to its customers’
(businessdictionary.com)
What is a Bank?
Brief Overview of Compliance
•What is compliance?•What must a firm possess in order for compliance to reach its optimum level?
•Which individuals need to comply with rules and regulations?
•Compliance risk
Entities and Legislation
• Prevention of compliance risk
Financial Action Task Force (FATF) –Set standards –Coordinates international policy
Proceeds of Crime Act (POCA) –Assist in anti-money laundering (max 14 yrs)–Failure to report knowledge (min 5 yrs)–Jeopardising investigation (max 5 yrs)–Applies to all individuals
Entities and Legislation
Financial Conduct Authority (FCA)–Regulates–Protect and enhance–Protecting financial markets–Set in place for the prevention of..
Anti-Money Laundering
•Do not assist launderer•Report knowledge/ suspicions•MLRO •Don’t tip off•Bound by Money Laundering Regulations 2007
Anti-Bribery and Corruption
•Criminal offences•Bound by the Bribery Act 2000•Offering, promising or giving and the requesting of a bribe.
Client Due Diligence
•Knowing your client (KYC)•Identify •Verify •Understand client business•Understand source of clients fund•Monitoring and checking for sanctions•ENHANCED DUE DILIGENCE
Business Development
Responsible for originating business opportunities from trade and Investment flows between Africa and the rest of
the world.
Business Development
International Desk Africa Desk
Wealth Management
Wealth management for high net worth individuals to meet their offshore banking, investment and estate planning requirements
Services include:• Banking Facilities• Investment advice• Investment mortgages• Wealth advisory• Trust & Estate planning• Philanthropy
Brief Overview of Finance
•Support for the business•Financial statements•Preparing the company’s financial returns•Main objectives are
Objective of Management Accounting
•1. Provide monetary reflection•2. Provide cause and effect insight
Management account therefore assist
Mediums
Income Statement (P&L)
Cash Flow Statement
Trade Services
• This Department is responsible for:a) Documentary Creditsb) Standby creditsc) Guarantees and Indemnitiesd) Documentary Collectionse) Bills of Exchange acceptances and connected
discounts
EXPORTER IMPORTER
Payment in Advance
Documentary Credit
Collections
Open Account
Risk for exporter Risk for
exporter
Methods of Payment
High
HighLow
Low
Collections
Collections are means by which banks aid exporters to receive settlement by handling financial documents and/or commercial documents on their behalf to collect payment tor the acceptance of a payment obligation from the importer against the documents.
Commercial documents Financial documentsCommercial Invoice Bill of Exchange
Packing List Promissory note
Bill of Lading
Example: Back to Back Letters of Credit
Importer Middle Man Exporter, Supplier
Zenith PLC Lagos
Zenith Ltd UK
Lagos, Nigeria Dubai, UAE Shanghai, China
Treasury Services
• Deals with mainly bond and FX trading for both clients and the bank
• Managing of balance sheets and liquidity• Trading deals with fundamentals (qualitative) &
technicalities (quantitative)
Zenith Bank UK
Zenith Bank UK is a commercial bank operating at the core as trade finance business with additional wealth management, treasury, syndicate loans and other banking facilities.
Governance looks at 4 specific points:
1. Make money and provide adequate returns for stakeholders
2. A positive working environment with good people strategy and culture to ensure productivity as a successful organisation
3. Deliver Zenith UK to group & customer
4. Ensure we remain under the radar with regards to regulators which strongly relates to integrity and reputation
Summary of Experience