To safeguard Nigeria’s financial system, nurse the economy back to good health and restore investor confidence, the Central Bank of Nigeria (CBN) has issued a stern warning to banks and other culprits of anti-money laundering (AML) and counter-terrorism financing (CTF) regulations violations to live above board or face unpalatable consequences.
To whip them into line and insulate the economy from further vandalism, the apex bank has mandated a comprehensive overhaul of governance and compliance frameworks across all financial institutions, which would be subjected to regulatory scrutiny by 2025.
Speaking at the 59th Annual Bankers’ Dinner in Lagos at the weekend where he unveiled the CBN’s 2025 policy agenda, the Governor, Yemi Cardoso, highlighted the need for structural reforms to prevent further economic setbacks.
While emphasising the need for stricter adherence to regulatory standards, he noted that as part of the CBN’s enforcement drive, 29 Deposit Money Banks (DMBs) were fined a total of N15 billion for failing to comply with AML/CTF requirements.
These penalties, be stated, reflect the apex bank’s unflinching determination to fostering transparency and accountability within the financial sector while deterring illicit financial activities.
