The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining a transparent and resilient financial system by reinforcing regulatory compliance and risk management across Nigerian financial institutions.

Shola Phillips, special adviser to the CBN governor on compliance, was quoted as saying this in a statement on Sunday.

Ms Phillips spoke at a high-level Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop held in collaboration with Citi on February 28 in Lagos.

She emphasised the need for strict adherence to global banking standards to sustain confidence in the nation’s financial sector.

“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 said.

Compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions attended the training.

It provided critical insights into global regulatory trends, emerging financial risks, and strategies for sustaining correspondent banking relationships.

Siobhan Ni Ealaithe, managing director of Citi’s Correspondent Banking Group, highlighted the critical role of robust governance frameworks in mitigating risks.

She underscored the necessity of 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, provided a stark assessment of financial crime risks.

Ms Bailey 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.

(NAN)