CBN sets standard for banks on compliance officers

Lending rate

The Central Bank of Nigeria (CBN) has given a directive to merchant banks and regional banks to appoint chief compliance officers  (CCO) on a grade not below an assistant general manager. It said this in an administrative letter to all merchant and regional banks (commercial/specialised) which was signed by Kelvin Amugo, the director, financial policy and regulation department, titled ‘Status of chief compliance officers’. The circular read, “Further to the circular referenced FPR/DIR/GEN/CIR/06/004 of 28 September 2016 on the appointment of executive compliance officers and chief compliance officers of deposit…

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