CBN promises to safeguard the Nigeria financial system

The central bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a transparent and resilient financial system by strengthening regulatory compliance and risk management between the financial institutions in the country.

Speaking at the compulsory formation of compliance and anti -money laundry (AML) workshop held in collaboration with Citi in Lagos on Friday 28 February 2025, the special consultant of the Governor of CBN on compliance, Shola Phillips, underlined the need for a close adherence to global bank standards to support trust in the financial sector of Nigeria.

Phillips said: “The regulators expect financial institutions to maintain dynamic and risk -based AML/CFT programs that respond to the evolving financial environment.

“The proactive commitment with regulatory developments and the integration of innovative compliance solutions are essential for institutions to satisfy these expectations effectively.”

Speaking also to the event, the CEO of the corresponding banking group of Citi, Siobhan Ni Ealaithe, highlighted the critical role of the solid governance paintings in mitigating risks.

He underlined the need to know your customer (Kyc), know your business (Kyb) and know the transactions protocols (Kyt) in the prevention of illicit financial activities.

The manager of the AML EMEA risk management for the foreign banking correspondent, Stephanie Bailey, provided a clear assessment of the risk of financial crime, noting that over 3 trillions of dollars in illegal funds flow every year through the global financial system.

Bailey urged financial institutions to strengthen two diligence measures, exploit risk assessments based on technology and support transparency in all transactions.