The Central Bank of Nigeria (CBN) has revised the requirements for the appointment of Chief Compliance Officers of Merchant Banks and Regional banks: both commercial and specialized banks.
In a circular released by the Apex Bank during the week signed the CBN Director, Financial Policy and Regulation Department, Kevin Amugo. Which reads:
“Further to the circular referenced of 28 September 2016 on the appointment of Executive Compliance Officers (ECO) and Chief Compliance Officers (CCO) of deposit money banks, the CBN has after due consideration and presentations by stakeholders on the size, structure, operation, and dynamics of classes of operators in the sectors, reviewed requirements for the appointment of Chief Compliance Officers.
“Accordingly, Merchant Banks. Regional Banks (commercial and specialized), are hereby granted dispensation to appoint CCOs on a grade, not below an Assistant General Manager. The CCOs will however report directly to the ECO of the financial institutions who have sole responsibility for compliance matters in the bank.
The circular however concluded that the CCO will continue to report to the ECO who takes overall responsibility for compliance issues in banks.
“Meanwhile, the requirements and responsibilities of Executive Compliance Officers remain as earlier communicated in our circular of 28 September 2016″.