RegAlert

Rule · CBN · 16 Oct 2020 · 20 OCT 2020

Re: Status of Chief Compliance Officers

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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.

NigeriaCentral Bank of Nigeria

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

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Circular to All Deposit MoneyBanks2016 · CBNCircular to All Deposit Money Banks (2016-09-29)Re: Status of Chief ComplianceOfficers2020-10-16 · this documentRe: Status of Chief Compliance Officers (2020-10-16)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (1)
Amends
  • Circular to All Deposit Money Banks2016 · CBN

    “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”

Timeline

This document amends: Circular to All Deposit Money Banks

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Source: Central Bank of Nigeria — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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