The Central Bank of Nigeria (CBN) has reaffirmed its commitment to safeguarding the financial sector through stricter regulatory oversight, improved risk management frameworks, and enhanced compliance with global banking standards.
In response to the evolving financial landscape, the apex bank is implementing decisive measures to curb financial crimes, boost transparency, and reinforce public trust in Nigeria’s banking system.
Speaking at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop in Lagos, Special Adviser to the CBN Governor on Compliance, Shola Phillips, emphasized the bank’s dedication to regulatory excellence. The workshop, hosted in collaboration with Citi, provided insights into emerging financial risks, global regulatory trends, and strategies to align Nigeria’s banking sector with international standards.
The CBN reiterated that enforcing Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) measures remains a top priority in shielding Nigeria’s financial system from illicit activities and strengthening investor confidence.
“Financial institutions must adopt dynamic, risk-based AML/CFT programs that adapt to the evolving financial environment,” the statement read. “Proactive regulatory engagement and innovative compliance solutions are essential to meeting global expectations.”
Industry experts at the event stressed the need for robust governance structures to mitigate financial risks. Managing Director of Citi’s Correspondent Banking Group, Siobhan Ni Ealaithe, highlighted the critical role of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols in combating illicit financial activities.
Head of EMEA AML Risk Management for Foreign Correspondent Banking at Citi, Stephanie Bailey, revealed that over $3 trillion in illicit funds circulate globally each year. She urged financial institutions to adopt technology-driven risk assessments, strengthen due diligence, and ensure transparency in all transactions.
The workshop aligns with CBN Governor Olayemi Cardoso’s vision to reinforce regulatory standards and protect Nigeria’s financial ecosystem. Cardoso has consistently emphasized that “a strong financial system is built on trust, and trust is earned through integrity and compliance.”
By fostering a compliance-driven banking culture and enhancing risk management strategies, the CBN aims to fortify Nigeria’s financial sector and align it with global best practices.
