The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a transparent and resilient financial system by reinforcing regulatory compliance and risk management across financial institutions in the country.
Speaking at the Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in collaboration with Citi in Lagos on Friday, February 28, 2025, the Special Adviser to the CBN Governor on Compliance, Shola Phillips, emphasised the need for strict adherence to global banking standards to sustain confidence in Nigeria’s financial sector.
Phillips said: “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.”
Naira appreciates to N1,492/$ at official market
Also speaking at the event, the Managing Director of Citi’s Correspondent Banking Group, Siobhan Ni Ealaithe, highlighted the critical role of robust governance frameworks in mitigating risks.
She underscored the necessity of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols in preventing illicit financial activities.
The Head of EMEA AML Risk Management for Foreign Correspondent Banking, Stephanie Bailey, provided a stark assessment of financial crime risks, noting that over $3 trillion in illicit funds flow through the global financial system annually.
Bailey urged financial institutions to strengthen due diligence measures, leverage technology-driven risk assessments, and uphold transparency in all transactions.
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