CBN Makes Terrorism Financing Top Supervisory Priority For Financial Institutions
By Sunday Etuka
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 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, in a statement on Tuesday by its Ag. Director, Corporate Communications and Investor Relations Department, Mrs Sidi Ali, Hakama, said it would 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 CBN, 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 would be undertaken as appropriate, the Bank added.
