CCCOBIN

Saturday, Aug 24th

Last update11:00:00 PM GMT

You are here: More about CCCOBIN CCCOBIN Details Welcome to CCCOBIN

Welcome to CCCOBIN

E-mail Print PDF

The Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN) collaborate with regulators and law enforcement agencies in the fight against money laundering and terrorist financing risks in Nigerian banks in particular and the Nigerian financial services industry in general.

There is no doubt that Money Laundering and Terrorism Financing have a deleterious effect on the well-being of any economy and banks being a major component of the financial system have a very critical role to play in assuring an economy's health.

Furthermore, so much has over the years been said, written and done about AML/CFT and Compliance in Nigeria, but the fact remains that a lot more still needs to be done. In full recognition of the fact that banks have a pivotal role to play in spearheading the Compliance crusade, the idea for a platform where banks as major stakeholders, would interact on a non-competitive basis alongside other stakeholders was mooted.

An inaugural session to kick start the formation of the Committee took place on April 26th, 2007 at Eko Hotel & Suites and in attendance were representation from various stakeholder organizations including the CBN, EFCC, NDLEA, KPMG, The US Consulate, CIBN and of course the member banks amongst others.

The result of all the efforts, consultations and series of lengthy deliberations was the emergence of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN) in June 2007. The aims and objectives of the Committee as articulated in the Bye-Law include:

  • To encourage and facilitate a forum for interaction and the exchange of information, ideas and experiences among the members and other stakeholders;
  • To encourage and promote the culture of compliance among Nigerian banks in particular and the Nigerian financial services industry in general;
  • To collaborate with law enforcement agencies and regulators in the fight against money laundering and terrorist financing risks in Nigerian banks in particular and the Nigerian financial services industry in general;
  • To develop and promote training and awareness programmes in the area of compliance within the Nigerian banking sector in particular and the Nigerian financial services industry in general;
  • To generate synergy necessary for the development and effective implementation of compliance related policies among Nigerian banks;
  • To identify, develop, encourage and promote the implementation of best practices and standards on compliance matters among Nigerian banks in particular and the Nigerian financial services industry in general;
  • To articulate and contribute views on the formulation and implementation of compliance related policies, laws and regulations in Nigeria;
  • To promote the professional status, image and credibility of its members and their banks;
  • To facilitate better relationships among the members and their banks on the one hand, and the regulators and law enforcement agencies on the other hand, on compliance related matters;
  • To alert members of new developments and trends in money laundering typologies and changes to, laws and regulations, and the interpretation and application of such by the relevant authorities;
  • To intimate members on emerging trends on new typologies as regards compliance;
  • To build rapport between organizations on compliance issues and to create liaison with similar organizations internationally.

The Committee's meetings which are hosted on a rotational basis by member banks hold every last Thursday of the month with the various stakeholders in attendance.