The Central Bank of Nigeria (CBN) has directed financial institutions across the country to meet global banking standards to curb the movement of US$3 trillion in illegal funds around the world.
Apex Bank explained that adherence to the guidelines will strengthen trust in the financial sector in Nigeria and improve its stability.
It affirmed its commitment to promoting a transparent and resistant financial system through strict regulations and risk management measures.
In a statement released on Sunday, CBN revealed that Shora Phillips, a special consultant for the CBN Governor’s Compliance Governor, had passed the message over the weekend to a high-ranking mandatory compliance and anti-money laundering workshop (AML).
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Phillips highlighted the need for financial institutions to actively adapt to developing regulatory requirements to maintain integrity and prevent financial crime. The supervisory authority expects financial institutions to maintain a dynamic, risk-based AML/CFT programme that responds to the developing financial environment. “A proactive commitment to regulatory development and integration of innovative compliance solutions is essential for agencies to effectively meet these expectations,” she said.
This training brought together compliance officers, trading company experts, and telecom banking teams from various financial institutions. It provided important insights into global regulatory trends, the resulting financial risks and the financial risks and strategies to maintain the response of telecom banking relationships that are very important for international transactions.
According to CBN, the workshop with Governor Oleimi Cardosos’ vision is right to strengthen Nigeria’s financial system through regulatory excellence. Governor Cardoso has consistently emphasized the importance of trust and integrity in establishing a robust financial sector.
A strong financial system is based on trust, and trust is earned through integrity and compatibility. CBN will continue to determine high regulatory standards to protect Nigeria’s financial ecosystem and focus on global best practices,” he said.
