know that the value of a strong and resilient financial system is not the ultimate goal. rather, the ultimate goal is a thriving economy. this is where a whole - of - market collaboration – from finance to fiscal to national development, entrepreneurship, industries, infrastructure, among others – is a value proposition for the general public. this is why mitigating systemic risks is all about public welfare. thank you and once again, good morning. 2 / 2 bis central bankers'speeches

##wittingly. the cbn has, in the past four years, consolidated its efforts in the supervision of the banks, by ensuring that the banks are examined regularly. the cbn has been able to bring together all the regulators in the financial sector, through the workings of the financial services regulation coordinating committee ( frscc ), in order to ensure regulatory efficiency in the financial services sector. we discuss in section 3 below, the areas of concern for the cbn on the issue of compliance. 3. areas of concern for the cbn the cbn has been given an expanded mandate to regulate and supervise the other financial institutions. in addition to the expanded mandate are the tremendous growth of the banking sector and the new policy introduced by the cbn of universal banking. the number of banks in operation is 89 in 2003. however, the branch network has grown considerably, from 2, 220 in 1998 to 2, 984 in 2003. efforts at sanitizing the other financial institutions sub - sector started in 1997 which led to the stipulation of new minimum capital requirements ’ for community banks ( cbs ) and primary mortgage institutions ( pmis ), among other things. the areas of concern for the cbn can be discussed along the following three major dimensions : • identifying financial crime trends and patterns. • strengthening all stakeholders ’ support. • economic impact of money laundering. 3. 1 identifying financial crime trends and patterns in attempting to identify financial crime trends and patterns, effort must be geared towards monitoring the flow of funds to the banks and establishing an efficient customer identification process, with adequate record keeping rules. the cbn recently issued a manual on “ know your customer ” principles and practices. the manual emphasized the need to obtain identification evidence from private individuals, pure corporate customers and quasi corporate customers who establish business relationships with the banks. the manual indicated the vulnerability of receiving bankers / agents to money laundering. the manual was intended to serve as a further guide to the banks and other financial institutions in nigeria on the procedures to adopt for the proper identification of their customers and, therefore, getting to know their customers. additionally, the cbn restructuring / reengineering initiative ( project eagles ) has established some level of information technology that is capable of identifying the methods and patterns used to commit these crimes, particularly the advance fee fraud. when the cbn is fully automated, it will provide the unique capability to identify banking sector - wide trends and patterns associated with money laundering and other financial crimes. currently, the cbn works with the newly - introduced economic and financial crime