The Central Bank of Nigeria (CBN) has called on financial institutions to step up their compliance measures and align with international banking regulations to tackle illicit financial activities and protect the country’s financial system.
Speaking at a compliance and anti-money laundering training workshop in Lagos on February 28, 2025, organised in partnership with Citi, the bank stressed the need for Nigerian banks to strengthen their risk management structures.
The event brought together compliance officers, trade operations specialists, and banking professionals to discuss regulatory changes, financial threats, and the best ways to ensure adherence to global standards.
In a statement released on Sunday, the CBN reaffirmed its commitment to improving oversight and ensuring Nigerian banks implement risk-based anti-money laundering and counter-financing of terrorism strategies.
Special Adviser to the Governor on Compliance, Shola Phillips, emphasised that financial institutions must develop frameworks that meet international expectations.
“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,” she stated.
Siobhan Ni Ealaithe, Managing Director of Citi’s Correspondent Banking Group, and Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, spoke on the need for stronger governance structures and technology-driven compliance solutions to prevent financial crimes.
The central bank said it would continue to enforce strict regulations, introduce digital monitoring tools, and ensure financial institutions adhere to global best practices to maintain the country’s financial stability and credibility.
