In a bid to ensure a transparent and resilient financial system, the Central Bank of Nigeria (CBN) has reaffirmed its commitment to reinforcing regulatory compliance and risk management across Nigerian financial institutions.
This is according to a statement issued on Sunday, 2nd March, 2025 by Shola Phillips, special adviser to the CBN governor on compliance.
He reiterated the regulator’s commitment at a high-level mandatory compliance and anti-money laundering (AML) training workshop, which the CBN organised in collaboration with Citi on February 28.
Phillips emphasised the need for 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,” Phillips said.
“Proactive engagement with regulatory developments and the integration of innovative compliance solutions are essential for institutions to meet these expectations effectively.”
Siobhan Ealaithe, managing director of Citi’s correspondent banking group, highlighted the critical role of robust governance frameworks in mitigating risks.
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Ealaithe stressed the necessity of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols in preventing illicit financial activities.
Also, Stephanie Bailey, Citi’s head of EMEA AML risk management for foreign correspondent banking, provided a stark assessment of financial crime risks, saying that over $3 trillion in illicit funds flows through the global financial system annually.
Bailey encouraged financial institutions to strengthen due diligence measures, leverage technology-driven risk assessments, and uphold transparency in all transactions.
According to the statement, the event aligns with Olayemi Cardoso, CBN governor’s vision to uphold regulatory excellence, strengthen Nigeria’s financial system, and promote trust through integrity and compliance.
Compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions attended the training.
The workshop provided critical insights into global regulatory trends, emerging financial risks, and strategies for sustaining correspondent banking relationships.
By: Babajide Okeowo
Source: Ripples