The Central Bank of Nigeria (CBN) has strengthened risk management and regulatory compliance throughout Nigerian financial institutions, reaffirming its dedication to upholding a transparent and robust financial system.
The CBN Governor’s Special Adviser on Compliance, Ms. Shola Phillips, spoke at a high-level Mandatory Compliance and Anti-Money Laundering (AML) training workshop in Lagos in partnership with Citi. She emphasized the importance of rigorous adherence to international banking standards in order to maintain trust in Nigeria’s financial sector.
Financial institutions must continue to run dynamic, risk-based AML/CFT programs that adapt to the changing financial landscape, according to regulators. Institutions must effectively meet these expectations by integrating creative compliance solutions and engaging in proactive regulatory developments, according to Phillips.
The training offered vital insights into emerging financial risks, global regulatory trends, and strategies for maintaining correspondent banking relationships. Attendees included compliance officers, trade operations specialists, and correspondent banking teams from a range of financial institutions.
Managing Director Siobhan Ni Ealaithe of Citi’s Correspondent Banking Group emphasized the importance of strong governance frameworks in risk mitigation. The importance of Know Your Business (KYB), Know Your Transaction (KYT), and Know Your Customer (KYC) procedures in stopping illegal financial activity was emphasized by her.
Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, gave a sobering analysis of the risks associated with financial crime, pointing out that the global financial system handles more than $3 trillion in illicit funds every year. She reminded financial institutions to use technology-driven risk assessments, improve due diligence procedures, and maintain transparency in all kinds of transactions.
The workshop supports the goals of CBN Governor Olayemi Cardoso, who wants to fortify Nigeria’s financial system and maintain regulatory excellence. “Trust is the foundation of a robust financial system, and trust is earned through integrity and compliance,” Governor Cardoso has repeatedly emphasized. High regulatory standards will be upheld by the CBN in order to safeguard Nigeria’s financial system and guarantee that it complies with international best practices.
Through the establishment of robust risk management frameworks and a strong compliance culture, the CBN seeks to protect Nigeria’s financial sector and guarantee its credibility and resilience both domestically and internationally.
