From Victor Osula, Abuja
The Central Bank of Nigeria has restated its commitment to maintaining a transparent and resilient financial system by strengthening regulatory compliance and risk management across the country’s financial institutions.
Speaking at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in collaboration with Citi on February 28, 2025, in Lagos, the Special Adviser to the CBN Governor on Compliance, Ms. Shola Phillips, underscored the importance of strict adherence to global banking standards to sustain confidence in Nigeria’s financial sector.
“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 stated.
The training session, which brought together compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions, explored global regulatory trends, emerging financial risks, and strategies for sustaining correspondent banking relationships.
Managing Director of Citi’s Correspondent Banking Group, Siobhan Ni Ealaithe, stressed the role of robust governance frameworks in mitigating risks, while highlighting the importance of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols in preventing illicit financial flows.
Similarly, Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, provided insight into the scale of financial crime risks, revealing that over $3 trillion in illicit funds flow through the global financial system annually.
She urged financial institutions to enhance due diligence processes, leverage technology-driven risk assessments, and uphold transparency in transactions.
The workshop aligns with the vision of CBN Governor Olayemi Cardoso to uphold regulatory excellence and strengthen the nation’s financial system.
As he has consistently maintained, “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 culture of compliance and reinforcing risk management frameworks, the CBN aims to safeguard the financial sector while ensuring its resilience and credibility both locally and internationally.
