- The training held in collaboration with the CBN brought together compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions to discuss critical issues affecting the global financial landscape.
- Key topics included regulatory trends, emerging risks, and strategies to maintain correspondent banking relationships.
The Central Bank of Nigeria (CBN) has recently expressed its unwavering dedication to preserving a transparent and resilient financial system within the country, Eko Hot Blog reports.
Speaking at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in collaboration with Citi, Special Adviser to the CBN Governor on Compliance, Shola Phillips, highlighted the importance of adhering to global banking standards to sustain confidence in Nigeria’s financial sector.
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“Regulators expect financial institutions to maintain dynamic, risk-based AML/Combating the Financing of Terrorism (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 training held in collaboration with the CBN brought together compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions to discuss critical issues affecting the global financial landscape.
Key topics included regulatory trends, emerging risks, and strategies to maintain correspondent banking relationships.
Siobhan Ni Ealaithe, Managing Director of Citi’s Correspondent Banking Group, emphasised the importance of robust governance frameworks in mitigating risks.
She highlighted the essential nature of Know Your Customer (KYC), Know Your Business (KYB), and Know Your Transaction (KYT) protocols in preventing financial crimes and illicit activities.
Stephanie Bailey, Head of EMEA AML Risk Management for Foreign Correspondent Banking, provided a sobering overview of global financial crime risks.
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Noting that over $3 trillion in illicit funds circulates through the global financial system each year, she urged financial institutions to bolster due diligence measures, embrace technology-driven risk assessments, and prioritize transparency across all transactions.
