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The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a transparent and resilient financial system. This commitment was made clear by Special Adviser to the CBN Governor on Compliance, Ms. Shola Phillips, at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in collaboration with Citi in Lagos.
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“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 provided critical insights into global regulatory trends, emerging financial risks, and strategies for sustaining correspondent banking relationships. Managing Director of Citi’s Correspondent Banking Group, Siobhan Ni Ealaithe, emphasized the importance of robust governance frameworks in mitigating risks. She also underscored the necessity of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols in preventing illicit financial activities.
Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, warned that over $3 trillion in illicit funds flow through the global financial system annually. She urged financial institutions to strengthen due diligence measures, leverage technology-driven risk assessments, and uphold transparency in all transactions.
CBN Governor Olayemi Cardoso’s vision is 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.”
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