CBN okays new rule for chief compliance officers’ appointment

Central Bank of Nigeria has approved the requirement of Chief Compliance Officers by deposit money banks.

The bank gave its permission in a letter signed by its Director, Financial Policy and Regulation Department, Kevin Amugo.

Amugo noted that those to be appointed as Chief Compliance Officers must be on a grade not below an Assistant General Manager.

According to him, the Chief Compliance Officers would however report directly to the Executive Compliance Officer of the financial institutions, who has sole responsibility for compliance matters in the bank.