The Central Bank of Nigeria is intensifying its regulatory oversight to strengthen the financial sector, focusing on compliance, risk management, and curbing financial crimes. Initiatives include training workshops and strict adherence to international banking standards to promote transparency and public trust.
The Central Bank of Nigeria (CBN) has amplified its efforts to bolster the financial sector through enhanced regulatory oversight and compliance measures. The CBN is focused on curbing financial crimes and ensuring adherence to global banking standards, emphasizing the importance of risk management frameworks.
In response to the evolving financial landscape, the apex bank is taking crucial actions to promote transparency and boost public confidence in the banking system. This was articulated by Ms. Shola Phillips, Special Adviser to the CBN Governor on Compliance, during a Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop in Lagos.
The CBN has reiterated its dedication to regulatory excellence, stressing the need for Nigerian financial institutions to integrate with international compliance frameworks. Through this approach, the bank aims to mitigate risks, combat financial crimes, and create a transparent banking environment.
Effective enforcement of anti-money laundering (AML) and counter-financing of terrorism (CFT) measures is prioritized to safeguard Nigeria’s financial system from illicit activities. The CBN has emphasized that financial institutions should maintain responsive, risk-based AML/CFT programs to adapt to the ever-changing financial environment.
Engagement in proactive regulatory developments and the integration of innovative compliance solutions are considered vital for these institutions. The workshop provided participants with relevant insights on global regulatory trends, emerging financial risks, and strategies to achieve international standards.
In summary, the Central Bank of Nigeria is dedicated to enhancing regulatory oversight to strengthen the financial system and combat financial crimes. Through training workshops and a focus on compliance and risk management, the CBN is committed to fostering a transparent and trustworthy banking environment. High regulatory standards will not only protect Nigeria’s financial ecosystem but will also align it with global best practices.
Original Source: www.thisdaylive.com
