CBN Reinforces Laws to Strengthen Monetary Establishments
The Central Financial institution of Nigeria (CBN) has strengthened its regulatory oversight to bolster the resilience and transparency of the nation’s monetary system, reaffirming its dedication to strict compliance and threat administration throughout monetary establishments.
Based on an announcement from the apex financial institution on Sunday, the CBN reaffirmed its dedication at a Necessary Compliance and Anti-Cash Laundering Coaching Workshop held in Lagos on February 28, 2025.
The occasion, organised in collaboration with Citi, introduced collectively compliance officers, commerce operations specialists, and correspondent banking groups from numerous monetary establishments to debate international regulatory tendencies, monetary dangers, and techniques for sustaining sturdy compliance frameworks.
The assertion learn partly, “The Central Financial institution of Nigeria has reaffirmed its dedication to sustaining a clear and resilient monetary system by reinforcing regulatory compliance and threat administration throughout Nigerian monetary establishments.”
Particular Adviser to the CBN Governor on Compliance, Shola Phillips, burdened the necessity for Nigerian monetary establishments to align with worldwide banking requirements to take care of confidence within the sector, the assertion famous.
She stated regulators count on monetary establishments to function dynamic, risk-based anti-money laundering and counter-financing of terrorism programmes that may adapt to an evolving monetary setting.
She emphasised that proactive engagement with regulatory developments and the mixing of modern compliance options have been essential for establishments to satisfy international expectations.
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Quoted within the assertion, she stated, “Regulators count on monetary establishments to take care of dynamic, risk-based AML/CFT programmes which might be attentive to the evolving monetary setting. Proactive engagement with regulatory developments and the mixing of modern compliance options are important for establishments to satisfy these expectations successfully.”
The Managing Director of Citi’s Correspondent Banking Group, Siobhan Ni Ealaithe, affirmed the significance of sturdy governance frameworks in mitigating monetary dangers.
She famous that measures akin to Know Your Buyer, Know Your Enterprise, and Know Your Transaction protocols have been crucial in stopping illicit monetary flows and making certain transparency in cross-border transactions.
Head of EMEA AML Danger Administration for Overseas Correspondent Banking, Stephanie Bailey, warned of the size of economic crime globally, revealing that over $3tn in illicit funds transfer by way of the monetary system yearly.
She urged Nigerian banks to strengthen due diligence processes, undertake technology-driven threat evaluation instruments, and keep transparency in all transactions.
The CBN’s intensified deal with compliance aligns with the imaginative and prescient of Governor Olayemi Cardoso, who has constantly pushed for the enforcement of world finest practices in Nigeria’s monetary sector, the assertion famous.
Based on the assertion, Cardoso stated a powerful monetary system was constructed on belief, which might solely be sustained by way of integrity and compliance.
He reiterated the apex financial institution’s dedication to setting excessive regulatory requirements to guard the nation’s monetary ecosystem and align it with worldwide benchmarks.
The CBN can be enhancing regulatory frameworks, adopting digital compliance options, and strengthening monitoring mechanisms to fight cash laundering and monetary crimes.
