The Governor, Central Financial institution of Nigeria (CBN), Mr Olayemi Cardoso, stated the financial institution has imposed penalties totaling N15 billion on 29 banks within the nation for cash laundering breaches.
Cardoso disclosed this on Friday night time in his keynote deal with on the 59th Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN).
He stated Nigeria is confronted with vital challenges of cash laundering, cybersecurity threats, fraud, corruption, and disparities in monetary inclusion.
His phrases, “The price of inaction is profound—fraud undermines confidence, corruption erodes belief, and cash laundering perpetuates organized crime. As you’ll have observed by now, compliance is a recurring theme on this speech, reflecting its important significance to our mission.
“The compliance tradition I envision for our trade is one the place executives and boards set the tone by making compliance a strategic precedence, championing zero tolerance for breaches—not simply in coverage, however in observe.
He additionally stated monetary establishments ought to anticipate vulnerabilities and proactively deal with dangers in areas vulnerable to abuse whereas groups are educated to acknowledge purple flags and inspired to report issues about fraud, cash laundering, or unethical habits, understanding they’re protected.
“Establishments ought to know their clients and companions, conducting enhanced due diligence, particularly for high-risk shoppers, politically uncovered individuals, and distributors, guaranteeing operations usually are not conduits for illicit funds.
“The trade must also collaborate to fight systemic threats, sharing info on rising dangers, cooperating with legislation enforcement, and sustaining open communication with the central financial institution and regulators.
He added that beginning in 2025, monetary establishments can be required to refine their compliance and governance frameworks to handle evolving dangers.
“We’re enhancing regulatory effectiveness and accountability, as demonstrated by current modifications to our supervisory and enforcement strategy.
“Lately, penalties totaling ₦15 billion have been imposed on 29 banks for breaches, together with AML/CFT violations. Along with these penalties, the banks are required to handle the basis causes of the lapses, which is essential for bettering regulatory effectiveness. Traditionally, the trade has struggled with recurring points, however we’re assured that this strategy will assist change that narrative”.
He added that, “A financial institution that prioritizes compliance does greater than defend itself—it strengthens your entire monetary ecosystem. It directs monetary assets towards progress, innovation, and prosperity slightly than crime and corruption. Collectively, we should exceed requirements, demonstrating to the general public and the world that we’re stewards of integrity and belief”.
