The Central Bank of Nigeria (CBN) has reaffirmed its commitment to strengthening the financial sector by enhancing regulatory oversight, improving risk management frameworks, and ensuring strict compliance with global banking standards.
In a rapidly evolving financial landscape, the apex bank said it was taking decisive steps to prevent financial crimes, maintain transparency, and reinforce public confidence in the Nigerian banking system.
Special Adviser to the CBN Governor on Compliance, Ms. Shola Phillips, made the comments at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop, held in collaboration with Citi, at the weekend in Lagos.
In a statement, the apex bank reiterated its commitment to upholding regulatory excellence, ensuring that Nigerian financial institutions aligned with international compliance frameworks to mitigate risks, prevent financial crimes, and foster a transparent banking environment.
The statement stressed that effective enforcement of anti-money laundering and counter-financing of terrorism (AML/CFT) measures were a top priority in efforts to protect Nigeria’s financial system from illicit activities and enhance investor confidence.
It stated, “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.”
The workshop, attended by compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions, provided in-depth insights into global regulatory trends, emerging financial risks, and strategies to enhance Nigeria’s ability to meet international banking standards.
With increasing scrutiny on financial institutions worldwide, experts at the event underscored the importance of robust governance structures to mitigate risks and uphold the integrity of the financial system.
Managing Director of Citi’s Correspondent Banking Group, Siobhan Ni Ealaithe, highlighted the critical role of robust governance frameworks in mitigating risks. Ealaithe underscored the necessity of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols in preventing illicit financial activities.
Head of EMEA AML Risk Management for Foreign Correspondent Banking, Citi Stephanie Bailey, provided a stark assessment of financial crime risks. Bailey stated that over $3 trillion in illicit funds flowed through the global financial system annually. She urged financial institutions to strengthen due diligence measures, leverage technology-driven risk assessments, and uphold transparency in all transactions.
The workshop aligned with CBN Governor Olayemi Cardoso’s vision to uphold regulatory excellence and strengthen Nigeria’s financial system.
Cardoso had consistently emphasised, “A strong financial system is built on trust, and trust is earned through integrity and compliance. The CBN will continue to set high regulatory standards to protect Nigeria’s financial ecosystem and ensure its alignment with global best practices.”
By fostering a strong culture of compliance and strengthening risk management frameworks, the CBN aimed to safeguard Nigeria’s financial sector while ensuring its resilience and credibility locally and globally.
Nume Ekeghe
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