The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has called on Chief Compliance Officers of banks in Nigeria to always comply with the extant laws and uphold good work ethics as a way of strengthening the nation’s financial sector.

He gave the charge on Wednesday, February 8, 2023 in Lagos, while presenting a keynote address titled “Building A Compliance Culture: Laying The Foundation For A Strong Future” at the annual retreat of the Association of Chief Compliance Officers of Banks, ACCOBIN.

Bawa, who was represented by the Lagos Zonal Commander of the EFCC, Ahmed Ghali, commended the Association for sustaining the existing working relationship with the Commission.

He also urged the members to continue to build and promote a culture of compliance that could guarantee a strong future for the nation’s financial institutions through the creation of an organizational environment that prioritizes regulations, and ethical standards.

According to him, “ Leadership by example is imperative to ensure all employees have a good understanding of compliance requirements and receive regular trainings on new laws and regulations that will incorporate good work ethics and regulate conduct.

“There should be an acceptable minimum code of conduct and clearly defined rewards and compensation plans to mitigate the risk of fraud due to expectation gap.”

He further stated that “ Law enforcement agencies are to promote compliance through prevention of financial crimes, enforcement of regulations, collaboration with financial institutions, partnership with regulators and protection of public trust.

“A deep-rooted culture of compliance is the panacea for transparency and building solid financial institutions, while compliance with regulatory directives will deliver far-reaching benefits when such compliance is integrated into strategic operations rather than for fear of sanctions.

“Compliance is a ticket to building brand reputation and boosting investors’ confidence in the financial system, which will invariably become an impetus to the fight against money laundering and terrorist financing, just as public perception and corporate reputations are increasingly defined by a company's ethical performance and the threat of penalties for those who breach compliance requirements.”

Bawa further encouraged the banks’ Chief Compliance Officers to deliver on their responsibilities, saying, “ It is vital that compliance is embedded within the business as an overlay of compliant activity cannot redeem a flawed culture.

“We need to rethink our definition of risk and compliance to put compliance at the front and centre of business strategy."

Media & Publicity

08/02/2023