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‘Raise standards, comply to avoid sanctions’


Tom Saater/Bloomberg

To avoid sanctions on financial transactions by the United States government, Nigerian banks and other financial institutions have been urged to increase their standards on compliance for national security.

Besides, an effective compliance programmes by banks, would not only in managing and mitigating risks, but also help them not to get into troubles associated with illicit actions and reputational harm.

As a financial institution, the need for effective compliance is paramount to avoid processing transactions to sanctioned countries, with a national repercussion.


To achieve improved compliance from financial institutions in Nigeria, the Compliance Institute of Nigeria (CIN) and the Centre for a New American Security (CNAS) held one-day workshop on North Korea sanctions and counter proliferation compliance in Lagos.

Adjunct Senior Fellow, Energy, Economics and Security, Centre for a New American Security (CNAS), Peter Harrell, said the goal of the workshop was to help financial institutions increase their standards on compliance so that they don’t get into trouble and avoid fines and damaged reputation.

President and Chairman of board of CIN, Partisan Boleigha, noted that the forum would increase the state of de-risking of financial institutions in Nigeria and would also be beneficial to the Financial Action Task Force (FATF) mutual evaluation coming up this month.

“This is the best time for us to learn the new tricks of identifying sanctions. At the end of the programme, we will learn better ways of identifying those sanctions that various entities like the United Nations and US have placed on certain entities and certain countries.

“It will make us better compliance platforms to avoid our institutions from doing activities that would de-sanction our organisations,” he said.

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