AML/CFT Stakeholders Renew Commitment to Strengthen Nigeria’s Compliance Framework Ahead of Mutual Evaluation
AML/CFT Stakeholders Renew Commitment to Strengthen Nigeria’s Compliance Framework Ahead of Mutual Evaluation
AML/CFT Stakeholders Renew Commitment to Strengthen Nigeria’s Compliance Framework Ahead of Mutual Evaluation
Key stakeholders in Nigeria’s Anti-Money Laundering, Counter-Financing of Terrorism and Counter-Proliferation Financing (AML/CFT/CPF) framework have reaffirmed their commitment to strengthening collaboration and regulatory coordination ahead of upcoming international assessments.
The commitment was made during the 12th meeting of the Regulatory Coordination Sub-Committee (RCS) of the Inter-Ministerial Committee on AML/CFT/CPF, hosted by the sec.gov.ng and the cbn.gov.ng in Abuja.
The meeting brought together regulators from the financial and non-financial sectors to assess Nigeria’s readiness for a mock evaluation scheduled for September and the formal Mutual Evaluation Exercise expected next year.
Discussions focused on addressing identified compliance gaps, improving regulatory effectiveness and enhancing the country’s overall preparedness for the international assessment process.
Technical sessions were led by officials of the nfiu.gov.ng, particularly the Head of Other Financial Institutions, who also serves as Secretary of the Regulatory Coordination Sub-Committee.
Participants reviewed strategies for strengthening compliance feedback mechanisms and improving oversight of reporting entities regulated by agencies including the cbn.gov.ng, sec.gov.ng, naicom.gov.ng, pencom.gov.ng and the scuml.org.
Key areas reviewed during the meeting included registration and compliance on the Nigeria Sanctions Committee (NigSAc) and goAML platforms, beneficial ownership disclosures, and the quality of Suspicious Transaction Reports (STRs) submitted by reporting entities.
The stakeholders emphasized the importance of effective information sharing, regulatory cooperation and robust compliance measures in safeguarding the integrity of Nigeria’s financial system.
The meeting concluded with a renewed commitment by all participating agencies to strengthen inter-agency coordination, improve compliance standards and enhance the effectiveness of Nigeria’s AML/CFT/CPF regime ahead of the forthcoming international evaluations.
AML/CFT Stakeholders Renew Commitment to Strengthen Nigeria’s Compliance Framework Ahead of Mutual Evaluation
