Financial Crimes: CBN Launches New Counter Measures

The Central Bank of Nigeria (CBN) has launched a dedicated compliance department for effective response to financial crimes cases.

The creation of the new department was revealed in a circular signed by Olubunmi Ayodele-Oni which stated that new department was created in Q1 2025, with full operational responsibilities commencing in Q2 2025.

The new policy which would enable the apex bank respond adequately to alleged financial crimes issues,  is part of a broader reform to help the bank improve its oversight functions.

The Compliance Department would now be saddled with the following:

1. Financial Crimes Supervision — including Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT), Counter-Proliferation Financing (CPF), and sanctions compliance
2. Market Conduct Supervision — covering disclosure practices, complaints management, and advertising standards
3. Enterprise Security Supervision — including cybersecurity, data protection, and third-party risk management
4. Corporate Governance and ESG Supervision — focusing on board effectiveness and environmental, social, and governance oversight

READ ALSO: Amnesty International Reacts Over Treason, Cyber Crime Charges On Sowore

READ ALSO: How Nigerian Businesses Can Navigate The New Wave Of Cyber Threats

Justifying the new department, the apex bank circular stated:

“The establishment of the Compliance Department is a strategic move to embed regulatory discipline and ensure robust oversight of non-prudential risks”.

The CBN reaffirmed its commitment to working collaboratively with financial institutions to ensure a smooth transition and uphold the highest standards of regulatory compliance.