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Terrorism Financing: CBN Puts Financial Institutions Under Closer Watch
The Central Bank of Nigeria (CBN) has intensified supervision of financial institutions over terrorism financing risks, with closer scrutiny of transactions, sanctions compliance and suspicious transaction reporting.
The apex bank announced the move in a statement on Tuesday, naming terrorism financing supervision as a current supervisory priority to protect Nigeria’s financial system from abuse by illicit actors.
The statement signed by Hakama Sidi-Ali, Acting Director, Corporate Communications and Investor Relations Department.
The enhanced focus covers terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and reporting of suspicious transactions linked to terrorism financing.
The CBN said it would use both on-site and off-site supervision to assess financial institutions’ Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing (AML/CFT/CPF) controls.
The bank said the measures align with existing legal and regulatory requirements and support Nigeria’s domestic and international efforts to combat terrorism financing and protect financial integrity.
“Further supervisory engagement will be undertaken as appropriate,” the CBN said.
