CBN Heightens Oversight On Terrorism Financing Risk
The Central Bank of Nigeria (CBN) has prioritized the oversight of terrorism financing to protect the nation's financial system. The bank plans to implement a risk-based supervisory approach to monitor transactions and enforce financial sanctions.
Why it matters
Strengthening financial integrity and anti-money laundering controls is critical for Nigeria to maintain international compliance and prevent the abuse of its banking sector by illicit actors.
The Central Bank of Nigeria (CBN) has elevated terrorism financing supervision to a current supervisory priority as part of efforts to protect the Nigerian financial system from abuse by illicit actors.
CBN in a statement signed by its Acting Director, Corporate Communications and Investor Relations Department, Hakama Sidi-Alli, said the heightened oversight would focus on “terrorism financing risk management, terrorism financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing related suspicious transaction reporting.”
The CBN said it would continue to apply a “risk based supervisory approach”, including on site and off site engagement, to support effective anti money laundering, counter financing of terrorism and counter proliferation financing (AML/CFT/CPF) controls across the financial sector.
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