Background

As Nigeria’s financial sector becomes increasingly integrated into the global economy, the challenges associated with cross-border financial crimes have grown significantly. Bureau De Change (BDC) operators and Other Financial Institutions (OFIs) are at the forefront of managing these risks, given their pivotal role in facilitating currency exchange and other financial services that often involve international transactions. The need for stringent anti-money laundering (AML), countering the financing of terrorism (CFT), and combating proliferation financing (CPF) measures is paramount to maintaining the integrity of the financial system and safeguarding against illicit activities. The global financial environment is evolving rapidly, with sophisticated methods of financial crime requiring an equally advanced response from financial institutions.

The regulatory landscape governing AML-CFT-CPF compliance is increasingly complex, driven by both international standards set by the Financial Action Task Force (FATF) and local regulations enforced by the Central Bank of Nigeria (CBN) and other regulatory bodies. These regulations are designed to address various forms of financial crimes and their increasingly global nature. For Directors and senior management of BDCs and OFIs, understanding these regulations in depth is crucial. They must not only ensure their institutions adhere to these standards but also anticipate and adapt to evolving regulatory requirements and emerging risks.

It is against this background that FITC in collaboration with the Central Bank of Nigeria (CBN) is organizing the 2024 maiden edition of the Continuous Education Programme (CEP) for Directors and Senior Management of Bureau De Change (BDCs) and Other Financial institutions. The special programme has been designed to provide Directors and senior management with the advanced knowledge and practical tools needed to enhance their organizations’ compliance frameworks. Also, it focuses on integrating international best practices with local regulatory requirements, utilizing advanced technologies, and developing robust risk management strategies. And by equipping senior leaders with these innovative skills, the programme aims at strengthen their ability to lead their institutions in maintaining rigorous AML-CFT-CPF compliance, thereby protecting their organizations from the repercussions of financial crime and ensuring their alignment with global financial integrity standards.

Learning Outcomes

• Design and implement sophisticated AML-CFT-CPF compliance strategies that align with both international standards and local regulatory requirements for the BDCs & OFIs.
• Employ risk management frameworks to effectively identify, assess, and mitigate cross-border financial crime risks.
• Utilize state-of-the-art technologies and data analytics to improve transaction monitoring, due diligence, and compliance reporting processes.
• Cultivate a robust compliance culture and ethical governance within the organization, integrating legal and ethical considerations into operational practices.

Learning Objectives

Develop and execute strategic plans for cross-border coordination and collaboration, improving compliance through enhanced cooperation with international regulatory bodies and partners.

Evaluate and integrate international and local AML-CFT-CPF frameworks into BDCs & OFIs policies and procedures, ensuring compliance with current standards.

Apply risk management methodologies to develop comprehensive risk-based approaches for cross-border financial transactions.

Implement and optimize technological solutions for enhancing compliance processes, including transaction monitoring and reporting systems.

Establish and maintain effective internal controls and governance structures that promote a strong compliance culture and address legal and ethical issues.

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