As part of its ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors, the Central Bank of Nigeria (CBN) has elevated terrorism financing supervision to a current supervisory priority.
A statement by the apex bank’s Acting Director, Corporate Communications, , and Investor Relations Department, Mrs Hakama Sidi Ali said, “this supervisory priority covers, at a high level, terrorism financing risk management, terrorism financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting.”
She assured that 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.
according to the statement, the supervisory focus also supports Nigeria’s ongoing domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity, and the protection of the financial system.
Sidi-Ali added that further supervisory engagement will be undertaken as appropriate.
