CBN establishes new unit to tackle financial crime
The Central Bank of Nigeria has announced the creation of a dedicated Compliance Department aimed at enhancing oversight of non-prudential risks across the country’s financial system.
This new unit reflects the apex bank’s commitment to strengthening regulatory frameworks in response to evolving threats and compliance challenges.
In a circular issued to regulated financial institutions on Thursday, the CBN stated that the department was established in the first quarter of 2025 and became fully operational in the second quarter.
The move is part of broader structural reforms designed to improve regulatory efficiency, define institutional roles more clearly, and ensure focused supervision of emerging and non-traditional risks.
In recent years, the Nigerian financial sector has faced increasing pressure from global regulatory standards, technological threats, and evolving financial crimes.
Non-prudential risks—such as money laundering, cyberattacks, poor market conduct, and weak corporate governance—pose significant threats to financial stability and investor confidence.
“This structural reform forms part of the Bank’s broader efforts to consolidate and embed regulatory effectiveness within existing supervisory frameworks, clarify institutional responsibilities, and maintain focused oversight of non-prudential and emerging risks,” CBN said.
