Regulatory Alerts2020-10-16 | 20 OCT 2020Re: Status of Chief Compliance Officers
The Central Bank of Nigeria has issued a letter to all merchant and regional banks, granting them permission to appoint Chief Compliance Officers at the level of Assistant General Manager or higher. The CCOs will report to the Executive Compliance Officers, who hold sole responsibility for compliance matters within their respective financial institutions. This update aligns with the CBN's previous circular from September 2016 regarding the appointment of ECOs and CCOs in deposit money banks.
Tel :..
09 - 46237401 CENTRAL BANK OF NIGERIA Financial Policy and Regulation Department Central Business District P.M.B. 0187 Garki, Abuja.
E-mail:fprd@cbn.gov.ng FPR/DIR/GEN/CIR/07/063 09 October 2020 ADMINISTRATIVE LETTER TO ALL MERCHANT AND REGIONAL BANKS (COMMERCIAL /SPECIALISED) RE: STATUS OF CHIEF COMPLIANCE OFFICERS Further to the circular Referenced FPR/DIR/GEN/CIR/06/004 of 28 September 2016 on the appointment of Executive Compliance Officers (ECO) and Chief Compliance Officers (CCO) of deposit money banks, the CBN has after due consideration and presentations by stakeholders on the size, structure, operation and dynamics of classes of operators in the sectors, reviewed the requirements for the appointment of Chief Compliance Officers.
Accordingly, Merchant Banks, Regional Banks (commercial and specialized) are hereby granted dispensation to appoint CCOs on a grade not below an Assistant General Manager. The CCOs, will however report directly to the ECO of the financial institutions who have sole responsibility for compliance matters in the bank.
Meanwhile, the requirements and responsibilities of Executive Compliance Officers remain as earlier communicated in our circular of 28 September 2016.
KEVIN N. AMUGO DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT