Zenith Bank (UK) Limited Work Experience August 7th- August 19th 2016

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?

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