The concept behind compliance is to ensure that businesses act responsibly in their daily operations. Financial Institutions and Designated Non-Financial Businesses and Professions in Nigeria are saddled with the responsibility of complying with laws and regulations set by relevant regulatory and statutory bodies. This is to help them avoid issues with regulators and operate without hassle.
Non-compliance can have damning consequences on an institution, such as reputational damage, financial sanctions, litigation, and at worst, collapse of the business.
This book has been written for accountable institutions operating in Nigeria, to aid their understanding of their sector’s compliance obligations in line with relevant laws and regulations.