Abuja, Nigeria | September 5, 2025
The Central Bank of Nigeria (CBN) has inaugurated a dedicated Compliance Department to enhance its supervision of non-prudential risks, including financial crimes, market conduct, and cybersecurity.
In a circular issued on Thursday, the apex bank directed all regulated financial institutions to henceforth submit reports and communications relating to Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), sanctions compliance, market conduct, and corporate governance to the Director, Compliance Department.
CBN Governor Olayemi Cardoso first announced the initiative in early 2025, noting the department would become operational by the second quarter. Its mandate covers four key areas: Financial Crime Supervision, Market Conduct Supervision, Enterprise Security, and Corporate Governance/ESG oversight.
The move comes as the CBN intensifies regulatory reforms in response to rising financial fraud, which the Bank reported increased by 45% year-on-year, largely driven by digital transactions and unregulated platforms.
The CBN said the creation of the Compliance Department is aimed at strengthening transparency, improving institutional accountability, and ensuring stronger collaboration with financial operators across the country.
