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CBN Directs Banks To Report Suspicious Transactions

The Central Bank of Nigeria (CBN) has advised banks to intensify their surveillance and monitoring of all transactions involving persons and entities designated under the United Nations Security Council Resolution 1718 and all other subsequent resolutions relating to the Democratic People’s Republic of Korea (DPRK) and report such immediately.

The apex bank in a circular issued to the banks stated that the latest directive was in furtherance of its sustained efforts to make transactions in the banking system transparent and curb illicit financial flows through the nation’s banking sector.

It stated that the monetary step was also in line with the provisions of Regulation 11 of the CBN AML/CFT Regulations, 2013 and its previous circulars on targeted financial sanctions.

The CBN advised financial institutions to continuously screen both customers and transactions against global sanctions lists and stop all transactions; freeze, without delay, all funds, owned or controlled, directly or indirectly, by individuals and entities designated by the UN Sanctions Committees.

In addition, it directed the banks to ensure that all terminated transactions or funds frozen pursuant to the UNSCR are reported to the Nigerian Financial Intelligence Unit (NFIU) immediately.

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