The CBN has strengthened its regulatory oversight to ensure a transparent financial system in Nigeria. A recent training workshop emphasized the importance of compliance with global banking standards. Experts highlighted the necessity of robust governance and due diligence to combat financial risks while promoting trust and integrity within the financial ecosystem.
The Central Bank of Nigeria (CBN) has reaffirmed its dedication to ensuring a transparent and robust financial system by enhancing regulatory compliance and risk management among Nigerian financial institutions. At a recent 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 strictly adhering to global banking standards to maintain trust in Nigeria’s financial sector.
During her address, Ms. Phillips 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.” The training workshop attracted compliance officers, trade operations specialists, and correspondent banking teams, providing them with insights into global regulatory trends and strategies necessary for sustaining correspondent banking relations.
Siobhan Ni Ealaithe, Managing Director of Citi’s Correspondent Banking Group, highlighted the essential need for robust governance frameworks to mitigate financial risks. She stressed the importance of implementing Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols to prevent illicit financial activities. Furthermore, Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, warned of substantial financial crime risks, noting that over $3 trillion in illicit funds circulate annually in the global financial system.
Consequently, she urged financial institutions to bolster due diligence efforts, utilize technology-driven risk assessments, and maintain transparency in all transactions. This initiative corresponds with CBN Governor Olayemi Cardoso’s vision of fostering regulatory excellence and fortifying Nigeria’s financial system. Governor Cardoso has reiterated that “A strong financial system is built on trust, and trust is earned through integrity and compliance. The CBN will continue to set high regulatory standards to protect Nigeria’s financial ecosystem and ensure its alignment with global best practices.”
By promoting a robust culture of compliance and enhancing risk management frameworks, the CBN strives to safeguard Nigeria’s financial sector, thereby ensuring its resilience and credibility on both local and global stages.
In conclusion, the CBN’s commitment to strengthening regulatory oversight and compliance is crucial for safeguarding Nigeria’s financial system. Through initiatives such as training workshops, the CBN emphasizes the importance of adherence to global regulatory standards, promoting a culture of integrity and transparency. As the financial landscape continues to evolve, the CBN aims to enhance resilience in the financial sector, reinforcing stakeholder trust and alignment with international best practices.
Original Source: thewhistler.ng
