CBN Tightens War On Terror Financing, Orders Stronger Transaction Monitoring

The Central Bank of Nigeria, CBN, has intensified its supervision of terrorism financing, making it a current priority in its efforts to prevent the nation’s financial system from being exploited by illicit actors.

The apex bank disclosed this in a statement signed by its Acting Director, Corporate Communications and Investor Relations Department, Sidi-Ali Hakama.

According to the CBN, the strengthened supervisory focus would cover terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and reporting of suspicious transactions linked to terrorism financing.

“The Central Bank of Nigeria 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 bank said.

The regulator said it would continue to adopt a risk-based approach to supervision, combining on-site and off-site engagements to strengthen controls against money laundering, terrorism financing and proliferation financing across the financial sector.

“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,” it stated.

The CBN said the initiative would also support Nigeria’s domestic and international cooperation on counter-terrorism financing, counter-proliferation financing and financial integrity.

“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,” the bank said.