The Central Bank of Nigeria (CBN) has elevated terrorism financing supervision to a current supervisory priority as part of its ongoing commitment to protecting the country’s financial system from abuse by illicit actors.
Sidi-Ali Hakama, acting director, corporate communications
and investor relations department, announced in a statement on Tuesday.
The apex 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.
“The Bank will continue to apply a risk-based supervisory
approach, including on-site and off-site engagement, to support effective
AML/CFT/CPF controls across the financial sector in line with existing legal
and regulatory obligations,” the statement reads.
According to the CBN, the supervisory focus also supports
Nigeria’s domestic and international cooperation on counter-terrorism
financing, counter-proliferation financing, financial integrity, and the
protection of the financial system.
“Further supervisory engagement will be undertaken as
appropriate,” the apex bank added.
On June 25, the CBN directed banks and other financial
institutions to freeze accounts of customers accused of terrorism financing.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com