Experts laud establishment of CIN to tackle terrorism financing
They submitted that the CIN would contribute to deepening compliance for effective implementation of Anti-Money Laundering and Combating the Financing of Terrorism standards (AML/CFT) preventive measures, within the financial services sector in Nigeria.
Besides, with the overall outcome, which has been an increase in the risks incurred by financial institutions, there is need to manage compliance risk which has become one of the most significant on-going concerns for financial-institution executives, due to the negative effects of non-compliance, such as reputational damage, as well as legal and operational risks.
At the inaugural investiture and induction ceremony of CIN over the weekend in Lagos, a professor of Criminology, Shehu Abdullahi, who was the guest speaker, noted that the establishment of the compliance function across financial institutions was borne out of the need to effectively manage the compliance risks arising from businesses.
However, for the compliance function to achieve its objectives, he said it should be independent and sufficiently resourced; its responsibilities should be clearly specified, and its activities should be subject to periodic and independent review by the internal audit function.
Prof Abdullahi, who was the former Director-General, Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), spoke on the topic, ‘The role of compliance officers in achieving business sustainability’.
He said for compliance officers to effectively contribute to business sustainability, they must possess a good understanding of the organization’s business, global perspective on the organization’s role, as well as developments in the industry.