2014-05-26 | BSD/DIR/GEN/LAB/07/013

Status and Reporting Line of Chief Compliance Officers of Banks

The Central Bank of Nigeria (CBN) has identified an issue where some banks have appointed Chief Compliance Officers (CCOs) who are not at the General Manager level or do not report directly to the Board. This is a violation of existing regulations and guidelines, such as CBN circular BSD/2/2002 and Section 7(2) of the CBN AML/CFT Regulation, 2013. As a result, the Directorate of Banking Supervision has instructed all DMBs and Discount Houses to ensure that their CCOs meet these requirements within one week. The CBN will also monitor the attendance of CCOs at monthly meetings of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN) and may take appropriate regulatory action for unsatisfactory attendance.

Nigeria

Central Bank of Nigeria

Show thumbnail