In a bid to combat money laundering and financing of terrorism, the Central Bank of Nigeria, CBN, has called on banks and Other Financial Institutions (OFIs) to report suspicious transactions of entities or individuals in the global sanction lists of the United Nation’s Sanction Committee.
The apex bank disclosed this in a letter to banks and OFIs titled: “Suspicious Transaction Reporting on United Nations Security Council Resolutions (UNSCR) on Proliferation of Financing”.
The letter signed by the Director, Financial Policy and Regulations Department , CBN, J.M Gana stated: “Further to the provision of regulation 11 of CBN Anti-money laundering/ combating the financing of terrorism (AML/CFT) Regulations, 2013 and our previous circulars on targeted financial sanctions, we write to remind all financial institutions on the need to increase surveillance and report all transactions involving persons and entities designated under the UNSCR 1718 and all other subsequent resolutions relating to the Democratic People’s Republic of Korea (DPRK).
“Financial institutions are advised to continuously screen both customers and transactions against global sanction lists and stop all transactions; freeze without delay all funds owned or controlled, directly or indirectly, by individuals or entities designated by the UN Sanction Committee.
“All termination or fund frozen pursuant of the UNSCR must be immediately reported to the Nigerian Financial Intelligence Unit (NFIU)”.Read Full Story