The Central Bank of Nigeria has given a directive to merchant banks and regional banks to appoint chief compliance officers 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 the Director , Financial Policy and Regulation Department , Kelvin Amugo , 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 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 specialised ) 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 . ”