The Central Bank of Nigeria (CBN) said it has created a new compliance department to strengthen oversight of non-prudential and emerging risks in the financial institutions.
It disclosed this in a circular on Thursday, September 4.
It said the new department was created in the first quarter of this year and became operational in the second quarter.
“This structural reform forms part of the Bank’s broader efforts to consolidate and embed regulatory effectiveness within existing supervisory frameworks, clarify institutional responsibilities, and maintain focused oversight of non-prudential and emerging risks,” CBN stated.
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According to the apex bank, the new compliance department has taken over responsibilities in four key areas.
It said this includes financial crime supervision, covering anti-money laundering (AML), counter-terrorism financing (CFT), counter-proliferation financing (CPF), and sanctions compliance.
It also takes over the market conduct supervision, including disclosure practices, complaints management, and advertising standards.
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Other areas are “Enterprise security supervision covering cybersecurity, data protection, and third-party risk management; and corporate governance and ESG supervision focusing on board effectiveness and oversight of environmental, social and governance (ESG) oversight,” CBN added.
As such, CBN said all regulatory reports, correspondence, and related inquiries concerning these areas are to be directed to the director of the compliance department through the established communication channels.
It said the institutions would receive direct guidance on specific points of contact and submission procedures.
It requested continued cooperation from all institutions to ensure a smooth transition and to uphold the highest standards of compliance with applicable regulatory requirements.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
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