Abuja, March 2, 2025 – The Central Bank of Nigeria (GBN) has reaffirmed its commitment to strict compliance and risk management across financial institutions in Nigeria.
The apex bank reaffirmed the commitment at the just concluded Mandatory Compliance and Anti-Money Laundering Training Workshop held in Lagos on Feb, 28, 2025.
The event, which was organised in collaboration with Citi, brought together compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions to discuss global regulatory trends, financial risks, and strategies for maintaining robust compliance frameworks.
According to a statement issued by the apex bank on Sunday, the CBN reaffirmation was made by Shola Phillips, the Special Adviser to the CBN Governor on Compliance.
She said the apex bank was enforcing its standards by reinforcing regulatory compliance and risk management across Nigerian financial institutions.
Phillips stressed the need for Nigerian financial institutions to align with international banking standards to maintain confidence in the sector.
She said the regulators expected financial institutions to operate dynamic, risk-based anti-money laundering and counter-financing of terrorism programmes that could adapt to an evolving financial environment.
The special adviser emphasised that proactive engagement with regulatory developments and the integration of innovative compliance solutions were necessary for institutions to meet global expectations.
“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.
Siobhan Ni Ealai, the Managing Director of Citi’s Correspondent Banking Group, also stressed the importance of strong governance frameworks in mitigating financial risks.
She listed measures such as Know Your Customer, Know Your Business, and Know Your Transaction protocols as critical in preventing illicit financial flows and ensuring transparency in cross-border transactions.
Stephanie Bailey, the Head of EMEA AML Risk Management for Foreign Correspondent Banking, said over $3 trillion in illicit funds were being move through the financial system every year.
She advised Nigerian banks to strengthen due diligence processes, adopt technology-driven risk assessment tools, and maintain transparency in all transactions.
