Central Bank of Nigeria (CBN) has called on financial institutions to strengthen their compliance frameworks and align with global banking standards to combat illicit financial flows and maintain the integrity of the financial system.
The apex bank made this call at the Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in Lagos on February 28, 2025, in collaboration with Citi.
The event brought together compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions to discuss global regulatory trends, financial risks, and best practices for ensuring compliance.
In a statement issued on Sunday, the CBN reaffirmed its commitment to reinforcing regulatory oversight and ensuring that Nigerian banks adopt dynamic, risk-based Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) programmes that align with evolving global standards.
CBN urges banks to enhance risk-based compliance
Speaking at the event, Shola Phillips, Special Adviser to the CBN Governor on Compliance, stressed that financial institutions must operate with compliance frameworks that reflect international best practices.
She noted that correspondent banking relationships are becoming increasingly dependent on stringent compliance measures, making it imperative for Nigerian banks to improve their risk management structures.
“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,” she said in the statement.
Credit: NairaMetrics
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