The Central Bank of Nigeria (CBN) is intensifying efforts to ensure a transparent and resilient financial system by strengthening regulatory compliance and risk management in Nigerian financial institutions. This move aims to bolster confidence in the country’s financial sector, particularly through the adherence to global banking standards.
At a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop in Lagos, Ms. Shola Phillips, Special Adviser to the CBN Governor on Compliance, underscored the importance of dynamic, risk-based anti-money laundering and counter-financing terrorism (AML/CFT) programs. Phillips highlighted the need for financial institutions to stay proactive in responding to regulatory changes and to incorporate innovative compliance solutions to meet global expectations.
The workshop brought together compliance officers, trade specialists, and banking teams from various institutions to discuss emerging financial risks and trends. Notably, Citi’s Managing Director, Siobhan Ni Ealaithe, emphasized the importance of strong governance frameworks and protocols like Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) to prevent illicit financial activities.
Aligning with the vision of CBN Governor Olayemi Cardoso, the workshop reinforced the idea that a trustworthy financial system is built on integrity and strict compliance. By fostering a culture of compliance and improving risk management practices, the CBN aims to strengthen Nigeria’s financial system, ensuring it remains resilient and trustworthy both locally and globally.
SOURCE: THE NATION