The Central Storage of Nigeria has bolstered its regulatory oversight to strengthen the resilience and transparency of the rustic’s monetary machine, reaffirming its constancy to strict compliance and menace control throughout monetary establishments.
Consistent with a remark from the apex attic on Sunday, the CBN reaffirmed its constancy at a Necessary Compliance and Anti-Cash Laundering Coaching Workshop held in Lagos on February 28, 2025.
The development, organised in collaboration with Citi, introduced in combination compliance officials, industry operations consultants, and correspondent banking groups from numerous monetary establishments to speak about international regulatory developments, monetary dangers, and methods for keeping up tough compliance frameworks.
The remark learn partially, “The Central Bank of Nigeria has reaffirmed its commitment to maintaining a transparent and resilient financial system by reinforcing regulatory compliance and risk management across Nigerian financial institutions.”
Particular Abettor to the CBN Governor on Compliance, Shola Phillips, wired the will for Nigerian monetary establishments to align with global banking requirements to preserve self assurance within the sector, the remark famous.
She stated regulators be expecting monetary establishments to perform dynamic, risk-based anti-money laundering and counter-financing of terrorism programmes that may adapt to an evolving monetary state.
She emphasized that proactive engagement with regulatory tendencies and the combination of cutting edge compliance answers have been important for establishments to fulfill international expectancies.
Quoted within the remark, she stated, “Regulators expect financial institutions to maintain dynamic, risk-based AML/CFT programmes that are 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.”
Managing Director of Citi’s Correspondent Banking Workforce, Siobhan Ni Ealaithe, affirmed the worth of robust governance frameworks in mitigating monetary dangers.
She famous that measures equivalent to Know Your Buyer, Know Your Industry, and Know Your Transaction protocols have been important in combating illicit monetary flows and making sure transparency in cross-border transactions.
Head of EMEA AML Chance Control for International Correspondent Banking, Stephanie Bailey, warned of the size of economic crime globally, revealing that over $3tn in illicit budget progress throughout the monetary machine each and every generation.
She prompt Nigerian banks to enhance due diligence processes, undertake technology-driven menace evaluation equipment, and preserve transparency in all transactions.
The CBN’s intensified center of attention on compliance aligns with the ocular of Governor Olayemi Cardoso, who has constantly driven for the enforcement of worldwide highest practices in Nigeria’s monetary sector, the remark famous.
Consistent with the remark, Cardoso stated a robust monetary machine used to be constructed on consider, which might most effective be sustained via integrity and compliance.
He reiterated the apex attic’s constancy to atmosphere prime regulatory requirements to offer protection to the rustic’s monetary ecosystem and align it with global benchmarks.
The CBN could also be improving regulatory frameworks, adopting virtual compliance answers, and good tracking mechanisms to battle cash laundering and monetary crimes.