Untitled Quiz

Study Notes

Credit Bureaus must report all disputes and complaints monthly as per CBN Guidelines.
A monthly report of activities is required within ten working days after each month ends.
Audited financial statements must be submitted within three months after the year-end.

Formed in 2007 to promote collaboration among banks for enhanced compliance practices.
Membership is mandatory for all Chief Compliance Officers of banks as directed by the Central Bank of Nigeria.
Monthly meetings enable information sharing between compliance officers, regulators, and law enforcement officials.
Contributions led to Nigeria's removal from FATF blacklist in 2006 and grey list in 2013; Nigeria reinstated on the grey list in 2023.
The initiative inspired the formation of a Regional Compliance Officers’ forum by GIABA in West Africa.

Composed of representatives from various institutions, including the Accountant-General, Auditor-General, Central Bank of Nigeria, and Nigerian Stock Exchange.

Ensures financial statements of Public Interest Entities reflect a true and fair representation of financial positions.
Develops and enforces compliance with accounting and financial reporting standards.
Receives notices of non-compliance and annual reports from public interest entities within 60 days of board approval.
Advises the Federal Government on accounting and financial matters.

Vision: To be a leading drug law enforcement agency in Africa, focusing on effective services and maintaining Nigeria's image globally.
Mission: To eradicate illicit drug trafficking, suppress drug demand, recover illicit drug trade proceeds, and promote a positive image for Nigeria.

Governed by a Board led by a Chairman and a Director General, with members from various security and government agencies.
Responsible for enforcing drug laws, quality control of drugs, and prosecuting drug-related offenses.

The Central Bank's Credit Risk Management System (CRMS) preceded private credit bureaus but faced issues with data accuracy and completeness.
In 2001, efforts were initiated to develop private credit bureaus through collaboration with the International Finance Corporation.
Two private credit bureaus, CR Services (Credit Registry) and DataPro, were established following industry interest.

Banks must maintain data agreements with at least two credit bureaus and obtain credit reports before granting new credit.
Regular updates of credit data and confidentiality of information are mandatory.

Credit Bureaus must ensure strict data quality control and allow for regular data uploads and corrections.
They are required to maintain confidentiality and only transfer data to the Central Bank of Nigeria, with established dispute resolution processes.