Chinyere Christiana Famakinwa: Pioneering excellence in compliance

In the ever-evolving world of banking and finance, one name stands out as a beacon of integrity and innovation: Chinyere Christiana Famakinwa. With a career spanning over a decade, Chinyere has not only shaped the compliance landscape in Nigeria but has also established herself as a leader and innovator in the field of Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Proliferation Financing (PF).

A Legacy of Leadership

Her journey through the banking sector began with roles in customer service and branch operations. Her dedication and keen analytical mind quickly propelled her into compliance, where she has made indelible marks.
Currently, as the Head of Regulatory Compliance at Premium Trust Bank PLC, she provides critical compliance advisory services, supervises head office compliance functions, and coordinates branch compliance. Her role extends to maintaining strong relationships with regulators and ensuring the bank meets all regulatory requirements. Prior to joining Premium Trust Bank, she was Head of Compliance at Lotus Bank Limited where she provided guidance to the senior management of the bank on compliance and regulatory issues, coordinated and liaised with regulators during regulatory audits, supervised the regulatory desks, provided guidance to transaction monitoring officers and updated executive management on emerging compliance issues.

Her tenure at Fidelity Bank Plc saw her lead internal risk profiling, rules, and training, where she was instrumental in drafting compliance frameworks and conducting risk assessments. As the Directorate Compliance Manager at Fidelity, she developed industry-leading typologies for transaction monitoring and supervised a team of officers, ensuring strict adherence to regulatory standards. These typologies have been widely adopted in several financial institutions across Nigeria

Innovating Compliance Practices.

Famakinwa’s innovative strategies have set new benchmarks in the Nigerian banking sector. She has been at the forefront of making compliance not just a regulatory necessity but an enabling function that adds value to the business. Her approach to compliance is proactive, integrating comprehensive training programs and capacity building for staff at all levels across several Nigerian banks. This emphasis on education and empowerment has cultivated a culture of compliance within the institutions she has served and across other financial institutions.

One of her most notable achievements was during a period when Nigerian banks faced potential de-risking by global correspondent banks. Famakinwa organized a pivotal session at the annual Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) meeting. She provided crucial guidance on responding to information requests from global correspondent banks, thus safeguarding the Nigerian banking sector’s international relationships.

Building a Culture of Compliance
Famakinwa’s impact goes beyond individual institutions. She has played a significant role in entrenching a culture of compliance across the Nigerian banking sector. By organizing and leading training sessions on AML/CFT/CPF, she has ensured that compliance is seen as a fundamental aspect of banking operations. Her mentorship has helped groom numerous compliance professionals who now hold key positions in major banks like Stanbic IBTC, Sterling Bank PLC, and Zenith Bank.

Her contributions to the compliance industry have been recognized at the highest levels. While at Fidelity Bank, she was acknowledged as the most customer-centric compliance staff by the Managing Director/Chief Executive Officer, a testament to her commitment to excellence and customer service.

Groundbreaking Frameworks

Famakinwa’s analytical prowess and forward-thinking approach have led to the development of groundbreaking frameworks that have advanced the field of compliance. At Fidelity Bank, she conducted annual institutional risk assessments and developed comprehensive compliance training programs. Her work in creating AML/CFT typologies has provided valuable tools for transaction monitoring, helping to identify and mitigate risks more effectively. Interestingly, these typologies are now being used by other banks.

In her current role at Lotus Bank, she continues to innovate, bringing emerging compliance issues to the attention of executive management and ensuring that the bank remains ahead of regulatory changes. Her ability to foresee and address compliance challenges has made her an invaluable asset to every organization she has been a part of.

The Broader Impact

The broader impact of Famakinwa’s work is profound. By fostering a robust compliance culture, she has helped Nigerian banks navigate the complexities of global finance, maintaining their integrity and reputation. Her leadership and innovation have set new standards in compliance, ensuring that Nigerian banks are not only compliant with local regulations but also meet international standards.

Chinyere Christiana Famakinwa’s contributions to the field of compliance in Nigeria are nothing short of transformative. Her dedication to excellence, innovative mindset, and commitment to education and mentorship have not only advanced the compliance industry but have also ensured the sustainability and integrity of the Nigerian banking sector. As the field of compliance continues to evolve, Famakinwa’s legacy will undoubtedly serve as a guiding light for future generations of compliance professionals.