The CBN has reinforced its commitment to a transparent financial system by enhancing regulatory compliance and risk management. At a training workshop, officials emphasized adherence to global banking standards and the importance of robust governance frameworks. The training provided insights into financial crime risks and compliance strategies, aligning with the CBN’s vision to strengthen Nigeria’s financial ecosystem.
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to ensuring a transparent and resilient financial system through enhanced regulatory compliance and risk management among financial institutions. During a recent training workshop in Lagos, Ms. Shola Phillips, Special Adviser to the CBN Governor on Compliance, highlighted the importance of adhering to global banking standards to maintain trust in Nigeria’s financial sector.
Ms. Phillips stated, “Regulators expect financial institutions to maintain dynamic, risk-based AML/CFT programmes that are responsive to the evolving financial environment.” She emphasized the necessity for proactive engagement with regulatory changes and incorporating innovative compliance solutions to effectively meet these requirements.
The workshop saw participation from compliance officers, trade operations specialists, and correspondent banking teams from various institutions. It offered valuable insights into global regulatory trends, emerging financial risks, and strategies to preserve correspondent banking relationships.
Siobhan Ni Ealaithe, Managing Director of Citi’s Correspondent Banking Group, stressed the significance of strong governance frameworks in risk mitigation. She asserted the essentiality of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols to prevent illicit financial activities.
Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, provided a sobering assessment of financial crime risks. She reported that over $3 trillion in illicit funds circulate through the global financial system annually and urged financial institutions to enhance due diligence, utilize technology for risk assessment, and maintain transparency in transactions.
The workshop aligns with CBN Governor Olayemi Cardoso’s aspirations to uphold regulatory excellence and fortify Nigeria’s financial system. Governor Cardoso has notably declared, “A strong financial system is built on trust, and trust is earned through integrity and compliance. ” He reiterated that the CBN would continue to establish high regulatory standards to safeguard Nigeria’s financial ecosystem.
By promoting a robust culture of compliance and enhancing risk management frameworks, the CBN is dedicated to protecting Nigeria’s financial sector, ensuring its resilience and global credibility.
In summary, the CBN is committed to strengthening regulatory oversight and compliance among financial institutions in Nigeria. Through training and the emphasis on global standards, the CBN seeks to foster trust and integrity within the financial system. Notably, the collaboration with Citi underscores the importance of governance and compliance in mitigating financial risks.
Original Source: thewhistler.ng
