Merchant, regional banks can now appoint COOs not below AGM status
The Central Bank of Nigeria (CBN) has reviewed the requirements for the appointment of Chief Compliance Officers (CCOs) by merchant banks and re gional banks.
In a letter to all merchant banks and regional banks (commercial/ specialised) posted on its website yesterday, the apex bank said it undertook the review: “After due consideration and presentations by stakeholders on the size, structure, operation and dynamics of classes of operators in the sectors.”
Specifically, CBN stated: “Merchant banks, regional banks (commercial/ specialised ) are hereby granted dispensation to appoint CCOs on a grade not below an assistant general manager,” adding that: “The CCOs, will, however, report directly to the executive compliance officer (ECO) of the financial institutions who have sole responsibility for compliance matters in the bank.”
The regulator, however, emphasized that there was no change to the requirements and responsibilities of executive compliance officers as stipulated in the circular it issued on the subject on September 28, 2016