The Central Bank of Nigeria has reinforced its regulatory framework to enhance transparency and resilience in its financial system. During a training workshop with Citi, key officials emphasized the importance of strict compliance with global banking standards, advanced due diligence, and robust governance to mitigate emerging financial risks. The measures align with Governor Olayemi Cardoso’s vision for a trustworthy and compliant financial ecosystem in Nigeria.
The Central Bank of Nigeria (CBN) has strengthened its regulatory oversight to enhance transparency and resilience within the nation’s financial system. This initiative was highlighted during a compliance and anti-money laundering (AML) training workshop in collaboration with Citi in Lagos, where Ms. Shola Phillips, the Special Adviser to the CBN Governor on Compliance, underscored the importance of adhering to global banking standards.
Ms. Phillips noted, “Regulators expect financial institutions to maintain dynamic, risk-based AML/CFT programmes that are responsive to the evolving financial environment.” She emphasized the need for proactive engagement with regulatory developments and the adoption of innovative compliance solutions to effectively meet these expectations.
The training engaged compliance officers and banking teams from across financial institutions, offering vital insights into global regulatory trends, emerging financial risks, and strategies for sustaining correspondent banking relationships. Siobhan Ni Ealaithe, Managing Director of Citi’s Correspondent Banking Group, pointed out the necessity of robust governance frameworks in effectively mitigating risks associated with financial transactions.
Additionally, Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, spotlighted alarming statistics regarding financial crime, noting that over $3 trillion in illicit funds circulate annually within the global financial system. She called for enhanced due diligence, advanced technology-driven risk assessments, and unwavering transparency in transactions.
This workshop furthers CBN Governor Olayemi Cardoso’s vision of regulatory excellence, emphasizing that confidence in the financial sector is built on integrity and compliance. “A strong financial system is built on trust, and trust is earned through integrity and compliance,” remarked Governor Cardoso.
To foster a robust culture of compliance and bolster risk management frameworks, the CBN is committed to safeguarding Nigeria’s financial sector and enhancing its credibility in both local and global contexts.
The Central Bank of Nigeria is taking significant steps to enhance the resilience and transparency of the financial system through comprehensive regulatory oversight. By prioritizing compliance and risk management, the CBN aims to align with international standards and foster trust in its financial institutions. The training workshops and strong governance measures highlighted in recent events are pivotal to this mission, ensuring that Nigeria’s financial sector remains robust and credible on a global scale.
Original Source: thewhistler.ng
