2016-09-29 | FPR/DIR/GEN/CIR/06/004

Circular to All Deposit Money Banks

The Central Bank of Nigeria (CBN) has issued a circular to enhance the minimum qualifications for Chief Compliance Officers (CCOs) in Deposit Money Banks (DMBs), requiring them to be at least General Manager level. DMBs must also appoint an Executive Compliance Officer (ECO) who must not be below the rank of Executive Director, with both positions reporting directly to the Board of Directors. The CBN will hold ECOs accountable for any breaches in regulations and has instructed DMBs to submit names of their appointed ECOs and CCOs by October 10, 2016, along with their CVs for approval. This circular supersedes all previous directives on the subject.

Nigeria

Central Bank of Nigeria

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