The Compliance Institute, Nigeria (CIN) said that the urgent passage of its charter bill would enhance Nigeria’s efforts to address deficiencies that led to the ‘grey listing’ of Nigeria by the Financial Action Task Force (FATF).
The institute’s Vice President, Isah Buhari, said the bill, which has passed through its first reading at the Senate, said necessary steps should be taken to ensure that the bill is passed and signed into law.
Recall that Nigeria failed to scale a review of Money Laundering and Terrorism Financing Risk conducted by the global financial intelligence agency, which faulted Nigeria’s anti-money laundering war.
Buhari said the passage of the CIN charter Bill would hasten Nigeria’s move to scaling the FATF’s review in grey-listing the country.
Ahead of its investiture on ‘Compliance in the Digital Era — The Role of Artificial Intelligence in Enabling an Effective Compliance Culture’, CIN President, Pattison Boleigha, said compliance officers and organisations face an increasingly complex and evolving regulatory landscape.
He said Artificial Intelligence (AI) is emerging as a transformative force, enabling businesses to achieve a more effective and proactive approach to compliance.
According to him, the adoption of AI in compliance has the potential to revolutionise the way organisations manage compliance risks and foster a culture of ethical conduct.
By leveraging AI, he stressed, organisations could significantly enhance their compliance, reduce costs and protect their reputation.
