The Central Bank of
The central bank stated this in a letter to banks and discount houses titled: "Status and Reporting Line of Chief Compliance Officers of Banks," with reference number: BSD/DIR/GEN/LAB/07/013.
According to the letter signed on behalf of the Director of Banking Supervision by
"For the avoidance of doubt: the CBN circular ref: BSD/2/2002 dated
CBN added that "Section 9(1) of the Money Laundering (Prohibition) Act, 2011(as amended) also requires them to designate, at management level, chief compliance officers in their head offices and branches, who have the relevant competence, authority and independence to implement their institutions AML/CFT compliance programme.
"On the basis of the foregoing, the banking sector regulator directed that all deposit money banks and discount houses should ensure that no chief compliance officer in their institutions is below the grade of a general manager without its prior approval.
Also, it stated that such officers should report to the board of directors "with dotted lines to the managing director/chief executive officer without interlocking roles."
Accordingly, the CBN directed that the particulars of all current CCOs with evidence of the CBN approval of same and reporting line should be forwarded to its Director Banking Supervision.
"The CBN also observed with concern the lackluster attendance of CCOs to the monthly meetings of the
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