Apex Bank Makes Terrorism Financing Risk Management a Supervisory Priority
The Central Bank of Nigeria (CBN) has intensified its supervisory focus on terrorism financing, making it a priority in efforts to prevent the 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, Hakama Sidi-Ali.
Under the heightened supervision, the CBN said it would focus on terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and the reporting of suspicious transactions linked to terrorism financing.
The bank said it would continue to use a risk-based supervisory approach, including on-site and off-site engagements, to strengthen anti-money laundering, counter-financing of terrorism and counter-proliferation financing (AML/CFT/CPF) controls across the financial sector.
According to the CBN, the measures will be implemented in line with existing legal and regulatory requirements.
The apex bank said the initiative would also strengthen Nigeria’s domestic and international cooperation on counter-terrorism financing and broader efforts to protect the integrity of the financial system.
“Further supervisory engagement will be undertaken as appropriate,” the CBN said.
The bank reaffirmed its commitment to safeguarding Nigeria’s financial system against illicit activities and strengthening financial integrity.