The Central Bank of Nigeria (CBN) has reiterated its commitment to combating financial crimes and safeguarding the nation’s financial system by reinforcing anti-money laundering (AML) measures and ensuring financial institutions across the country comply with the new measures.
The move was announced at a high-level Mandatory Compliance and Anti-Money Laundering (AML) training workshop held in collaboration with Citi in Lagos.
Speaking at the event, Ms. Shola Phillips, Special Adviser to the CBN Governor on Compliance, said it is important to enforce strict adherence to global banking standards and proactive risk management to sustain confidence in Nigeria’s financial sector.
She explained that financial institutions must adopt dynamic, risk-based AML and Counter Financing of Terrorism (CFT) programmes that can effectively respond to the evolving financial landscape.
“Regulators expect financial institutions to maintain robust AML/CFT frameworks that are responsive to emerging risks,” Phillips said. “Proactive engagement with regulatory developments and the integration of innovative compliance solutions are essential for institutions to meet these expectations effectively.”
The workshop, which brought together compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions, focused on emerging financial risks, global regulatory trends, and strategies to maintain correspondent banking relationships.
Participants were trained on Know Your Customer (KYC), Know Your Business (KYB) and Know Your Transaction (KYT) protocols.
Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking at Citi, said over $3 trillion in illicit funds flow through the international financial system annually.
She said it is imperative for financial institutions to strengthen due diligence processes, leverage technology-driven risk assessments and uphold transparency in all transactions.
“Financial crime is a persistent global challenge that requires a robust governance framework and enhanced compliance measures,” Bailey stated. “Institutions must not only comply with regulatory requirements but also adopt a proactive approach to risk management to ensure the integrity of the financial system.”
The apex bank latest move on AML compliance aligns with Governor Olayemi Cardoso’s vision to uphold regulatory excellence and strengthen Nigeria’s financial system.
In a statement read on his behalf, Governor Cardoso emphasized that the credibility of Nigeria’s financial sector depends on maintaining high standards of integrity and compliance.
“A strong financial system is built on trust, and trust is earned through integrity and compliance,” Cardoso said. “The CBN will continue to set high regulatory standards to protect Nigeria’s financial ecosystem and ensure its alignment with global best practices.”
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