Compliance Institute of Nigeria (CIN) to Up its Game in Addressing AML/CTF Gaps

With threats of financial fraud emerging across the globe, the Compliance Institute of Nigeria (CIN) has concluded plans to up its game for addressing gaps in Anti Money Laundering and Countering Terrorism Financing (AML/CTF).

The institution stated that this was important to maintain its position as the industry leader in Nigeria’s financial sector for compliance practice, in addition to promoting and upholding regulatory requirements in businesses for a reputable compliance profession.

According to the President of CIN, Pattison Boleigha, internal and external reforms were introduced by the public and business sectors to lessen the impact of the global financial downturn. According to him, it was unclear if the reforms had been successful. His remarks were made in advance of the institute’s annual meeting and induction, which will be held on December 3, 2022, with the theme ‘Compliance Culture and Corporate Governance: Role of Compliance Officers in the Public and Private Sectors.’

Pattison Boleigha stated that the Director General of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Edwin Harris, would deliver the keynote lecture.

The President of CIN said: “How companies respond to this broader culture mandate will have a significant impact on how well companies succeed in going forward. Those companies that recognize and adapt early to the changing cultural dynamic in which we all operate will fare far better than entities that remain stagnant or turn a blind eye to the inevitable changes occurring in communities throughout the world. For us, there is no better time to dissect the issues than now.”

CIN Registrar Victor Oni said that it is imperative to analyze what would be expected of businesses to thrive in a progressively globalized consumer market in the coming year. He made this statement in light of the advancements in the corporate sector with regard to compliance and governance practices.

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