The Central Bank of Nigeria (CBN) has reviewed the requirement for the appointment of Chief Compliance Officers (CCOs) by banks.
The central bank stated this in a letter titled: “Re: Status of Chief Compliance Officers,” that was signed by its Director, Financial Policy and Regulation Department, Kevin Amugo, a copy of which was posted on its website.
Precisely, the bank stated that merchant banks, regional banks (commercial and specialised) have been granted allowance to appoint CCOs on a grade not below an assistant general manager.
But the CCOs, would however report directly to the Executive Compliance Officer (ECO) of the financial institutions who has sole responsibility for compliance matters in the bank.
“Further to the circular Referenced FPR/DIR/GEN/CIR/06/004 of 28 September 2016 on the appointment of ECO and CCO 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.”