1. Zenith Bank (UK) Limited
Work Experience
August 7th- August 19th 2016
2. sma
‘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?
3. 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
4. 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
5. Entities and Legislation
Financial Conduct Authority (FCA)
–Regulates
–Protect and enhance
–Protecting financial markets
–Set in place for the prevention of..
6. Anti-Money Laundering
•Do not assist launderer
•Report knowledge/ suspicions
•MLRO
•Don’t tip off
•Bound by Money Laundering Regulations
2007
8. 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
9. 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
10. 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
11. Brief Overview of Finance
•Support for the business
•Financial statements
•Preparing the company’s financial returns
•Main objectives are
12. Objective of Management Accounting
•1. Provide monetary reflection
•2. Provide cause and effect insight
Management account therefore assist
16. Trade Services
• This Department is responsible for:
a) Documentary Credits
b) Standby credits
c) Guarantees and Indemnities
d) Documentary Collections
e) Bills of Exchange acceptances and connected
discounts
17. EXPORTER IMPORTER
Payment in Advance
Documentary Credit
Collections
Open Account
Risk for
exporter Risk for
exporter
Methods of Payment
High
HighLow
Low
18. 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 documents
Commercial Invoice Bill of Exchange
Packing List Promissory note
Bill of Lading
19. Example: Back to Back Letters of Credit
Importer Middle Man Exporter, Supplier
Zenith PLC
Lagos
Zenith Ltd UK
Lagos, Nigeria Dubai, UAE Shanghai, China
20. 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)
21. 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
