Nigeria: Report Transactions Involving Persons, Entities Under Surveillance, CBN Tells Banks

27 September 2019

Financial institutions in the country under the surveillance of the Central Bank of Nigeria (CBN) have been told to increase surveillance and report all transactions involving persons and entities designated under the United Nations Security Council Resolution.

Banks were asked to carry out this action without any delay.

The CBN stated this in a letter to all banks titled: "Suspicious Transaction Reporting on United Nations Security Council Resolutions on Proliferation Financing." The letter signed by the Director, Financial Policy and Regulations Department, CBN, J.M. Gana, dated September 20th, a copy of which was posted on the central bank's website.

It explained: "Further to the provisions of Regulation 11 of the CBN 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 United Nations Security Council Resolution (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 and entities designated by the UN Sanctions Committees."

In addition, the banking sector regulator stressed that all terminated transactions or funds frozen pursuant to the UNSCR must be immediately, reported to the Nigerian Financial Intelligence Unit (NFIU).

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