The Association has created a level playing field for all members thereby taking competition out of Compliance.
Introduction of the uniform account opening package, which was a brainchild of ACCOBIN has also helped to streamline account opening and encouraged Financial inclusion and ease of payment.
We have also organized capacity building training tours to the UK for Compliance Officers in the West African sub-region in conjunction with GIABA and the 4 Pillars Network.
Establishment of a Secretariat administered by an Executive Secretary.
We have also assisted the NFIU in getting all banks to improve their AML/CFT reporting of CTRs and STRs by bankrolling a hands-on training for all banks on the new NFIU reporting platform. This training ran for a period of four months (July 2015 to October 2015)
The Association has co-hosted Workshops with the Convention on Business Integrity (CBI) on such topics as anti-bribery and fraud.
The Association worked with member banks to create awareness for sanctions screening compliance. This has helped to improve the international payments platform and this has led to reduce the risk of Derisking of Nigerian banks by their correspondence banks.
Participated in the AML/CFT National Risk Assessment as co-chair of the Financial Services Working Group.
The Association also established a Compliance Institute, with Central Bank, NDIC, NFIU, NSE, ICPC, SEC etc as Trustees of the Institute. The Institute is set up to provide Compliance Training and certification of Compliance Professionals both in the Financial Sector and other sectors of the economy.
The Association is a member of the NeFF and our former chairman chaired a sub-committee on the setting up of the Dedicated Police E-crime Unit in collaboration with the Nigeria Police and the CBN.
The Association had also collaborated with SWIFT in the deployment of the SWIFT payment filtering systems.
In addition, deliberations at the ACCOBIN meeting led to the introduction of the Three Tired KYC. This has led to the ability of banks to introduce various non-cash payment channels and deepened financial inclusion. Without this simplified due diligence process, it would have been almost impossible for financially disadvantaged persons to access the formal payment system.
We have also commissioned a Compliance Rule Book (Regulatory Portal) for all banks in Nigeria to enhance compliance with extant Laws, Regulations and other global best practices.
We also collaborated with the ACAMS in sensitizing the Nigerian Public on the benefits and dangers of Virtual currency in Nigeria.
In conjunction with GIABA, the Association was instrumental in setting up a regional body for Compliance Officers in West Africa.
ACCOBIN has effectively taken competition out of compliance in Nigerian banks by ensuring collaboration and cooperation in Compliance related issues.
We are actively involved and have also supported the Inter-Ministerial Committee on AML/CFT National Risk Assessment.
Since inception the ACCOBIN has organized several conferences focused on enhancing compliance in the banking industry. These conferences were facilitated by global anti fraud and Financial Crime experts from USA, UK, Dubai, Nigeria and other countries. These conferences were attended by Internal Auditors, Operations staff and Compliance Officers, Law Enforcement Agencies and Regulators. It is also on record that the collaboration between the committee and the FBI led to the sensitization of banks on the imminent introduction of electronic and cybercrime into Nigeria and the eventual arrest of a notorious gang of Nigerian electronic fraudsters who defrauded some Americans in the USA of over $40 million. We invited the FBI to Nigeria for a workshop that assisted to achieve this feat.
Setting up a principles-based AML/CFT Rules for banks in Nigeria along the lines of the Wolfsberg Principles.
Ensure that the Compliance Institute is fully chartered with capacity to award certifications in Compliance.
Extending the success story of ACCOBIN to other African countries assisting to establish similar bodies in other countries within the region.
Association of Chief Compliance Officers of Banks in Nigeria