The Central Bank of Nigeria (CBN) has announced the elevation of terrorism financing supervision to supervisory priority, as part of its ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.
Sidi-Ali, Hakama (Mrs), Ag. Director, Corporate Communications
and Investor Relations Department in the apex bank, stated this in a statement on Wednesday.
The statement noted that the 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 said, “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. Further supervisory engagement will be undertaken as appropriate.”
The CBN said the initiative forms part of its ongoing commitment to safeguarding the financial system from illicit actors while supporting Nigeria’s domestic and international efforts to strengthen financial integrity.
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