The Central Bank of Nigeria (CBN) has intensified its supervisory focus on terrorism financing risks across the financial sector as part of efforts to prevent the system from being exploited by illicit actors.
The apex bank disclosed this in a press statement issued on Tuesday and signed by its Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali.
According to the statement, the CBN has elevated terrorism financing supervision to a current supervisory priority.
What the statement says
“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,” the statement said.
The CBN said its supervisory priority would cover four key areas, including terrorism financing risk management and transaction monitoring.
Other areas are the implementation of targeted financial sanctions and suspicious transaction reporting related to terrorism financing.
The announcement indicates that these areas will receive increased attention from the regulator as it supervises financial institutions under existing legal and regulatory requirements.
Risk-based supervision to continue
The CBN said it would continue to use a risk-based supervisory approach, combining on-site and off-site engagements.
- “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 said.
AML/CFT/CPF refers to anti-money laundering, countering the financing of terrorism and counter-proliferation financing.
The CBN also said the heightened focus supports Nigeria’s domestic and…
Source link
Read Full Article by Tobi Tunji at nairametrics.com
Source link
