Ngozi Amuche
Central Bank of Nigeria has given a directive to merchant banks and regional banks to appoint chief compliance officers on a grade not below an assistant general manager.
The Apex bank said this in an administrative letter to all merchant and regional banks (commercial/specialised) which was signed by the Director, Financial Policy and Regulation Department, Kelvin Amugo, titled ‘Status of chief compliance officers’
The circular read, “Further to the circular referenced FPR/DIR/GEN/CIR/06/004 of 28 September 2016 on the appointment of executive compliance officers and chief compliance officers 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 the requirements for the appointment of chief compliance officers.
“Accordingly, merchant banks, regional banks (commercial and specialised) are hereby granted dispensation to appoint CCOs on a grade not below an assistant general manager”
It noted that the CCOs, would, however, report directly to the ECO of the financial institutions, who have sole responsibility for compliance matters in the bank.