Regulatory Compliance in The Banking Industry Part 2

REGULATORY COMPLIANCE IN THE BANKING INDUSTRY PART 2

INTRODUCTION

Flowing from the last article where we looked into the first part of Regulatory Compliance In The Banking Industry which embodied the importance of compliance with banking regulations in Nigeria, we shall now delve into the various supervisory provisions that regulates and directs the affairs and operations of banks in Nigeria.

The Primary regulation of the Banking Sector is the Banks and other Financial Institution Act, 2020 (BOFIA or the Act) while the Primary regulator of the Banking Sector is the Central Bank of Nigeria (CBN). The Act grants the CBN the power and authority to supervise and regulate all banks and other financial institutions in Nigeria. Other laws regulating banking activities in Nigeria include the Central Bank of Nigeria Act 2007, the Nigerian Deposit Insurance Corporation Act, Companies and Allied Matters Act 2020, the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995, The Nigerian Deposit Insurance Corporation Act 2006, etc.