CBN strengthens supervisory focus on terrorism financing risk
CBN strengthens supervisory focus on terrorism financing risk
By Onu Okorie
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.
This was disclosed by Ag. Director, Corporate Communications and Investor Relations Department Sidi-Ali, Hakama Mrs yesterday in Abuja.
She explained that 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.
