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Wednesday, October 21, 2020 /0 3:37 PM / By CBN / Header Image Credit: CBN
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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