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You can appoint Chief Compliance Officers, CBN tells Merchant and Regional banks

By David Oladele



Chief Compliance Officer
Compliance Officer

Central Bank of Nigeria (CBN) has granted merchant and regional banks dispensation to appoint Chief Compliance Officers (CCQ) of deposit money banks. obtained this from a statement released by the CBN on Tuesday, October 20.

The statement read:

Further to the circular Referenced FPR/DIR/GEN/CIR/06/004 of 28 September 2016 on the appointment of Executive Compliance Officers (ECO) and Chief Compliance Officers (CCQ) 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 specialized) are hereby granted dispensation to appoint CCOs on a grade not below an Assistant General Manager.

The CCOs, will however report directly to the ECO of the financial institutions who have sole responsibility for compliance matters in the bank.

Meanwhile, the requirements and responsibilities of Executive Compliance Officers remain as earlier communicated in our circular of 28 September 2016.

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