BY NKECHI NAECHE-ESEZOBOR—The Central Bank of Nigeria (CBN) on Tuesday elevated terrorism financing supervision to a current supervisory priority, as part of its ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.
The apex bank disclosed this today in statement signed by Sidi-Ali, Hakama (Mrs)
Ag. Director, Corporate Communications
and Investor Relations Department.
The statement added that 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.
It reads further 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.
“This 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.
The statement noted that further supervisory engagement will be undertaken as appropriate.
