Central Bank of Nigeria, CBN, Bank Directors partner on anti-money laundering, corporate governance

Central Bank of Nigeria, CBN

he Central Bank of Nigeria, CBN, organised a 5-day training program November 30-December 4, 2015 for Bank Directors on corporate governance and Anti-Money Laundering to keep abreast with global trends.

Addressing bank directors and other captains of industry at the event, CBN’s Deputy Governor, Financial System Stability, Mr. Joseph Nnanna said the issue of corporate governance has become topical globally, more so when it is considered in the role it played during the Global Financial Crisis of 2008, and its implications for the stability of the Nigerian fi nancial system.

According to the deputy governor CBN would be happy to see a proactive board of directors that checkmate the management of banks; adding that the apex bank does not want to be in the Grey List of the Financial Action Task Force ,FATF.

“We want you to tell your compliance offi cers to do their work with all the seriousness it deserves. If they come and fi nd any bank wanting, it is not only the MDs of those banks we shall hold responsible. We shall hold the board collectively responsible,” he warned.

According to Nnanna, there is an interface between weak corporate governance and money laundering/fi nancing of terrorism that may not be very obvious to the ordinary observer.

He stressed that the two could be considered as mutually reinforcing, since weak corporate governance can becompromised by vendors of money laundering and terrorism fi nancing and vice versa.

Discussing the issue of corporate governance he noted, is made more urgent now that it is obvious that banks’ fi nancial performance, reputation and the safety and soundness of the fi nancial system “must be driven by strong corporate governance culture.

“I have no doubt in my mind that this is where this training derives its most important objective and signifi cance,” he stated.

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