The Central Bank of Nigeria (CBN) has reiterated its dedication to maintaining a transparent and resilient financial sector by reinforcing regulatory compliance and risk management across financial institutions in the country.
At the Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop, held in collaboration with Citi on February 28, 2025, in Lagos, Ms. Shola Phillips, Special Adviser to the CBN Governor on Compliance, emphasized the importance of strict adherence to global banking standards to uphold confidence in Nigeria’s financial system.
“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,” Phillips stated.
The workshop brought together compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions. It provided critical insights into global regulatory trends, emerging financial risks, and strategies for strengthening correspondent banking relationships.
Siobhan Ni Ealaithe, Managing Director of Citi’s Correspondent Banking Group, underscored the importance of robust governance frameworks in mitigating risks. She highlighted the necessity of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols in preventing illicit financial activities.
Similarly, Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, highlighted the magnitude of financial crime, noting that over $3 trillion in illicit funds circulate through the global financial system annually. She urged financial institutions to strengthen due diligence, leverage technology-driven risk assessments, and maintain transparency in all transactions.
The initiative aligns with CBN Governor Olayemi Cardoso’s vision to uphold regulatory excellence and strengthen Nigeria’s financial system. As Governor Cardoso has consistently emphasized,
“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.”
Through enhanced compliance measures and reinforced risk management frameworks, the CBN aims to safeguard Nigeria’s financial sector, ensuring its resilience and credibility both locally and globally.
