The Central Bank of Nigeria (CBN) has told banks and financial institutions to strictly follow global banking standards to help tackle the $3 trillion in illicit funds moving worldwide.
The move aims to boost confidence in Nigeria’s financial sector and ensure its stability.
At a recent anti-money laundering (AML) training workshop, Ms. Shola Phillips, Special Adviser to the CBN Governor on Compliance, urged banks to stay ahead of evolving regulations. “Financial institutions must have dynamic, risk-based AML systems and embrace innovative solutions to meet global standards,” she said.
The workshop, attended by compliance officers and banking teams, focused on global trends, financial risks, and maintaining international banking relationships.
Experts like Siobhan Ni Ealaithe from Citi and Stephanie Bailey from EMEA AML Risk Management stressed the importance of strong governance, KYC (Know Your Customer) protocols, and tech-driven due diligence to combat financial crime.
CBN Governor Olayemi Cardoso reiterated the bank’s commitment to high regulatory standards, saying, “Trust and integrity are the foundation of a strong financial system. We’ll keep pushing for excellence to align Nigeria with global best practices.”
