Central Bank of Nigeria (CBN) has established a new Compliance Department to enhance oversight of non-prudential risks in the financial system, effective from Q2 2025. This move aims to strengthen regulatory frameworks amid rising global standards, technological threats, and financial crimes.
The department will oversee four key areas: financial crime supervision (e.g., anti-money laundering), market conduct (e.g., complaints and disclosures), enterprise security (e.g., cybersecurity), and corporate governance/ESG issues.
Financial institutions are directed to channel compliance-related reports to this department, with specific guidance on procedures to follow. The CBN is also tackling PoS fraud through geo-tagging and global payment standards to ensure traceable and trustworthy digital transactions.
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