CBN Tightens Bank Oversight to Curb Terrorism Financing
The Central Bank of Nigeria has strengthened its supervisory framework to prevent banks and other financial institutions from being used to finance terrorism. The regulator says terrorism-financing supervision is now a major priority in protecting Nigeria’s financial system from illicit activity. The framework focuses on risk management, transaction monitoring, targeted financial sanctions and reporting suspicious transactions. Institutions considered more vulnerable will face closer on-site and off-site scrutiny under a risk-based approach. The move follows the addition of six individuals and three bureau de change operators to Nigeria’s sanctions list over alleged links to terrorism-financing networks, including ISWAP-linked cells. Financial operators have been directed to identify and freeze the designated persons’ and entities’ funds and assets without prior notice, then report to the Nigeria Sanctions Committee.
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