CBN Elevates Terrorism Financing Supervision As Current Priority
The bank said it will focus on risk management, transaction monitoring and sanctions enforcement to support anti-money laundering controls across the sector.
- On Tuesday, The Central Bank elevated terrorism financing supervision to a priority, with Acting Director of Corporate Communications and Investor Relations Hakama Sidi-Ali announcing the measure to protect the Nigerian financial system.
- Focus areas under this initiative include terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions, and suspicious transaction reporting related to terrorism financing.
- To support effective AML, CFT, and CPF controls, the CBN continues to apply a "risk based supervisory approach," including on-site and off-site engagement across the financial sector.
- This move supports ongoing domestic and international cooperation on CFT and CPF efforts while strengthening Nigeria's financial integrity at both levels.
- According to the CBN, implementation of these measures will occur in accordance with existing legal and regulatory obligations, and further supervisory engagement will be undertaken as appropriate.
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Nigeria: Central Bank to Prioritise Terrorism Financing Supervision
The supervisory focus would cover terrorism-financing risk management, transaction monitoring, targeted financial sanctions implementation and suspicious transaction reporting related to terrorism financing
CBN makes terrorism financing supervision major priority
The Central Bank of Nigeria (CBN) has made terrorism financing supervision a major priority as it intensifies efforts to protect the country’s financial system from illegal activities. In a statement signed by its Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Alli, the apex bank said the new focus would cover “terrorism financing risk […] CBN makes terrorism financing supervision major priority
CBN tightens surveillance on banks over terrorism financing
The Central Bank of Nigeria has intensified surveillance on banks and other financial institutions over terrorism financing risks as part of efforts to prevent the country’s financial system from being exploited by illicit actors. The apex bank said terrorism financing supervision had been elevated to a current supervisory priority, with greater attention to transaction monitoring, Read More: https://punchng.com/cbn-tightens-surveillance-on-bank…
CBN tightens oversight to curb terrorism financing through banks - TV360 Nigeria
The Central Bank of Nigeria has strengthened its supervision of banks and other financial institutions as part of efforts to prevent the financial system from being exploited for terrorism financing and related illicit activities. The apex bank’s Acting Director, Corporate Communications/Investor Relations Department, Hakama Sidi-Ali, said the initiative is now a key supervisory priority aimed …
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