CBN sets standard for banks on compliance officers

It said this in an administrative letter to all merchant and regional banks which was signed by the Director, Financial Policy and Regulation Department, Kelvin Amugo, titled ‘Status of chief compliance officers’.

The circular read, “Further to the circular referenced FPR/DIR/GEN/CIR/06/004 of 28 September 2016 on the appointment of executive compliance officers and chief compliance officers 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 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.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

There’s an on going Massacre in Oyigbo right now!! OyigboIsBleeding SPREAD IT !!!

This was one of the reason why we are protesting. We keep waking up to changes which makes our lives harder EndSARS

We are coming for y’all EndSARS NoToBadGovernance

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