The Central Bank of Nigeria (CBN) has elevated terrorism financing supervision to a current supervisory priority as part of its ongoing efforts to protect the Nigerian financial system from abuse by illicit actors.
The Bank said the supervisory priority covers terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and suspicious transaction reporting related to terrorism financing.
According to the CBN, it will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective anti-money laundering, countering the financing of terrorism and countering proliferation financing (AML/CFT/CPF) controls across the financial sector.
The Bank said the approach would be implemented in line with existing legal and regulatory obligations.
The CBN added that the supervisory focus supports Nigeria’s ongoing domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity and the protection of the financial system.
It said further supervisory engagement would be undertaken as appropriate.
Boluwatife Enome
Follow us on:
