The Central Bank of Nigeria has strengthened its regulatory oversight to enhance the resilience and transparency of the country’s financial system.
The apex bank reaffirmed its commitment to combating financial crimes, enforcing strict compliance, and aligning Nigerian financial institutions with global standards to maintain public confidence.
According to a statement from the apex bank at a Mandatory Compliance and Anti-Money Laundering Training Workshop held in Lagos. Special Adviser to the CBN Governor on Compliance, Shola Phillips, stressed the need for Nigerian financial institutions to align with international banking standards to maintain confidence in the sector
Shola Phillips stated that regulators expect financial institutions to maintain dynamic, risk-based AML/CFT programmes responsive to the evolving financial environment. Proactive engagement with regulatory developments and the integration of innovative compliance solutions are essential for institutions to meet these expectations effectively.
Citi’s Managing Director for Correspondent Banking, Siobhan Ni Ealaithe, emphasized the need for robust governance frameworks to mitigate financial risks. She highlighted the importance of protocols such as Know Your Customer, Know Your Business, and Know Your Transaction in curbing illicit financial flows and ensuring transparency in cross-border transactions.
Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, cautioned about the vast scale of global financial crime, revealing that over $3 trillion in illicit funds circulate through the financial system annually. She urged Nigerian banks to enhance due diligence measures, leverage technology-driven risk assessment tools, and uphold transparency in all financial dealings.
The workshop was in line with CBN Governor Olayemi Cardoso’s vision to uphold regulatory excellence and strengthen Nigeria’s financial system.
According to the statement, Cardoso emphasized that a strong financial system is built on trust, which can only be maintained through integrity and compliance. He also reiterated the apex bank’s commitment to setting high regulatory standards to safeguard the country’s financial ecosystem and align it with international benchmarks.
