2013-07-19 | FPR/DIR/GEN/001/022

Status of Chief Compliance Officers of Banks

The Financial Policy and Regulation Department has discovered that some banks, discount houses, and development banks lack substantive Chief Compliance Officers. These institutions have been employing officers in an acting capacity for extended periods, which contradicts the requirements outlined in the 2002 CBN circular and Section 9(1) of the Money Laundering (Prohibition) Act, 2011. Therefore, these banks are required to provide the details of their current Chief Compliance Officers along with letters of approval from Banking Supervision Department, Central Bank of Nigeria, within two weeks.

Nigeria

Central Bank of Nigeria

Show thumbnail