Nigeria is setting the pace as far as anti-money laundering and terrorism financing is concerned in Africa, the President of the Compliance Institute of Nigeria (CIN), Pattison Boleigha, has said.
Boleigha gave this hint during a press briefing heralding the Institute’s induction ceremony scheduled.
According to him, although compliance is still an emerging area in the country, thankfully pioneered by the CIN, but has since gained a lot of traction in terms expertise, global acceptance.
Specifically, he said, at some point in time, a good number of Nigerian banks were denied corresponding bank status because of the issue of infraction and other related fraud.
“What we see today is a lot of foreign correspondent banks that provide services to banks in Africa are beginning to severe relationship with banks in African countries citing high rate of money laundering and terrorism financing. What our Institute has done is the kind of training that we give to Compliance Officers, as such people are now better equipped to help their institutions to put proper control so that these correspondent banks are now happy with the way we are managing anti-money laundering in our institutions and that has already helped them.”
Expatiating, the CIN boss, said, “We have significantly impacted the private sector Compliance Officers in the various financial industries to come up with good knowledge on how to control money laundering and terrorism financing. And I think that’s a plus because in those days we used to face terrorism issues in Nigeria and it has given us better view as bankers and financial experts on what to watch out for to track illicit financing within the banking ecosystem and vice versa. As we expand and improve on our curriculum, the partnership that we have internationally enables us best practices to our compliance officers and so we will continue to partner with organisations.”
Speaking ahead of the planned induction ceremony, Boleigha said, successful candidates who completed the professional examinations and certifications of the Institute in 2019 will receive award and prizes.
Besides, he said, the Institute is building new skills set to ensure that old and prospective members are better equipped to perform their professional role without fear or favour.
While noting that the members of the Institute are holding in different positions of responsibility in respective sectors, Boleigha said, membership of the Institute confers a lot of responsibility of its members as such all members have to be above board.
Currently with over 1, 600, he hinted of plans to expand. “Our plan is to grow membership to 3, 000 by the end of 2020.”