The Central Bank of Nigeria (CBN) is urging banks to step up their compliance frameworks to combat illicit financial flows and maintain the integrity of the financial system. This call was made at a recent Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in Lagos, in collaboration with Citi.
The CBN wants Nigerian banks to align with global banking standards, adopting dynamic, risk-based Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) programs. This move is part of the CBN’s commitment to reinforcing regulatory oversight and ensuring that Nigerian banks operate with compliance frameworks that reflect international best practices.
Key Takeaways:
- Global Compliance Standards: Nigerian banks must align with global compliance standards to maintain access to international financial markets and avoid regulatory sanctions.
- Risk-Based Compliance: Banks should adopt dynamic, risk-based AML/CFT programs to combat illicit financial flows.
- Robust Governance Frameworks: Financial institutions must operate with robust governance frameworks to mitigate financial risks.
- Digital Monitoring Tools: The CBN will adopt digital monitoring tools to enhance compliance frameworks and intensify supervision of financial institutions.
By strengthening regulatory oversight and compliance measures, the CBN aims to protect Nigeria’s financial ecosystem and ensure its alignment with global best practices.
Source: Nairametrics
