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.
According to a statement signed by Ag. Director, Corporate Communications, Sidi-Ali, Hakama (Mrs), 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 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.
“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,” the regulator said.
