The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a transparent and resilient financial system.
Speaking at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop, Shola Phillips, Special Adviser to the CBN Governor on Compliance, emphasized the need for strict adherence to global banking standards.
The workshop, held in collaboration with Citi, provided critical insights into global regulatory trends, emerging financial risks, and strategies for sustaining correspondent banking relationships.
Experts highlighted the importance of robust governance frameworks, 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, noted 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.
The CBN’s efforts align with Governor Olayemi Cardoso’s vision to uphold regulatory excellence and strengthen Nigeria’s financial system.
By fostering a strong culture of compliance and strengthening risk management frameworks, the CBN aims to safeguard Nigeria’s financial sector while ensuring its resilience and credibility locally and globally.
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