CBN Steps Up Surveillance Of Banks Over Terrorism Financing Risk

The Central Bank of Nigeria (CBN) has strengthened terrorism financing supervision of banks and financial institutions as part of efforts to protect the country’s financial system from the activities of illicit actors.

In a statement released on Tuesday and signed by the Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, the apex bank said that the move also supports the country’s ongoing domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity, and the protection of the financial system.

The statement reads: “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 Nigerian financial system from abuse by illicit actors.

“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.

“The Bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective Anti‑Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing (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.”

New Telegraph reports that in October last year, global watchdog,…