CBN tightens surveillance on banks over terrorism financing
The Central Bank of Nigeria has intensified surveillance on banks and other financial institutions over terrorism financing risks as part of efforts to prevent the country’s financial system from being exploited by illicit actors. The apex bank said terrorism financing supervision had been elevated to a current supervisory priority, with greater attention to transaction monitoring, Read More:…
The Central Bank of Nigeria (CBN) has intensified surveillance on banks and financial institutions to combat terrorism financing risks. This move, which has been elevated to a current supervisory priority, aims to protect Nigeria's financial system from exploitation by illicit actors. The CBN has intensified attention on transaction monitoring, suspicious transaction reporting, compliance with targeted financial sanctions, and implementation of anti-money laundering and counter-terrorism financing requirements.
Banks are expected to maintain systems capable of identifying unusual transactions and comply with existing AML/CFT/CPF regulations. The CBN will apply a risk-based supervisory approach, focusing on institutions, customers, transactions, or activities that pose greater financial crime risks. This heightened supervision is part of Nigeria's broader efforts to combat terrorism financing and other threats to the financial system's integrity.
Brief written by urgent.news from Punch's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
