CBN Reinforces Regulatory Compliance to Protect Nigeria’s Financial System
The Central Bank of Nigeria (CBN) has strengthened its regulatory framework by enhancing compliance and risk management across financial institutions. At a workshop with Citi in Lagos, officials emphasized adherence to global banking standards and the need for proactive anti-money laundering strategies. The initiative aligns with CBN Governor Cardoso’s vision of maintaining trust and integrity within Nigeria’s financial system.
The Central Bank of Nigeria (CBN) has reinforced its commitment to enhancing regulatory compliance and risk management within the nation’s financial sector, ensuring a transparent and resilient banking environment. At a recent compliance and anti-money laundering (AML) workshop held with Citi in Lagos, Ms. Shola Phillips, Special Adviser to the CBN Governor, emphasized the importance of adhering to global banking standards to maintain confidence in Nigeria’s financial system.
Ms. Phillips stated, “Regulators expect financial institutions to maintain dynamic, risk-based AML/CFT programmes that are responsive to the evolving financial environment.” She highlighted the significance of proactive engagement with regulatory changes and innovative compliance solutions to effectively meet these expectations. The training, which attracted compliance officers and banking teams from various institutions, offered crucial insights into global regulatory trends and strategies for cultivating correspondent banking relationships.
Siobhan Ni Ealaithe, Managing Director of Citi’s Correspondent Banking Group, underscored the vital role of effective governance frameworks in risk mitigation. She advocated for the implementation of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols to combat illicit financial activities. Moreover, Stephanie Bailey, Head of EMEA AML Risk Management at Citi, provided alarming statistics about financial crime, revealing that over $3 trillion in illicit funds circulate globally each year.
Governor Olayemi Cardoso’s vision for regulatory excellence aligns with the workshop’s objectives, as he emphasizes that a strong financial system must be grounded in trust, built through integrity and compliance. Governor Cardoso asserted, “The CBN will continue to set high regulatory standards to protect Nigeria’s financial ecosystem and ensure its alignment with global best practices.” Through fostering a robust compliance culture and enhancing risk management frameworks, the CBN seeks to uphold the integrity and resilience of Nigeria’s financial system on both local and global levels.
In summary, the CBN’s initiative to strengthen regulatory oversight and compliance aims to reinforce the integrity of Nigeria’s financial system. With emphasis on the necessity of adhering to global banking standards and employing proactive risk management strategies, the CBN is committed to safeguarding the financial ecosystem from illicit activities. Ongoing collaboration with financial institutions is essential for maintaining trust and ensuring resilience in the face of evolving financial risks.
Original Source: thewhistler.ng
