The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a transparent and resilient financial system by reinforcing regulatory compliance and risk management across Nigerian financial institutions.
Ms. Shola Phillips, Special Adviser to the CBN Governor on Compliance, highlighted the need for strict adherence to global banking standards to sustain confidence in Nigeria's financial sector. She emphasized the importance of dynamic, risk-based AML/CFT programs and proactive engagement with regulatory developments.
The training workshop, in collaboration with Citi, provided insights into global regulatory trends and strategies for sustaining correspondent banking relationships. Siobhan Ni Ealaithe, Managing Director of Citi's Correspondent Banking Group, emphasized the role of robust governance frameworks and the necessity of KYC, KYB, and KYT protocols in preventing illicit financial activities.
Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, highlighted the risks of financial crime and urged institutions to strengthen due diligence measures and leverage technology-driven risk assessments.
The workshop aligns with CBN Governor Olayemi Cardoso's vision to uphold regulatory excellence and strengthen Nigeria's financial system. Governor Cardoso emphasized the importance of trust, integrity, and compliance in building a strong financial system aligned with global best practices.
By promoting compliance and enhancing risk management, the CBN aims to safeguard Nigeria's financial sector's resilience and credibility locally and globally.
Reference from News: CBN strengthens regulatory oversight to safeguard Nigeria's financial system - Blueprint Newspapers Limited