CBN makes terrorism financing supervision major priority

The Central Bank of Nigeria (CBN) has made terrorism financing supervision a major priority as it intensifies efforts to protect the country’s financial system from illegal activities.

In a statement signed by its Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Alli, the apex bank said the new focus would cover “terrorism financing risk management, terrorism financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing related suspicious transaction reporting.”

The CBN said it would use a “risk based supervisory approach”, including both on-site and off-site monitoring, to strengthen anti-money laundering and counter-terrorism financing measures across the financial sector.

The bank said the supervision would be carried out “in line with existing legal and regulatory obligations.”

It added that the move supports Nigeria’s “ongoing domestic and international cooperation on counter terrorism financing, counter proliferation financing, financial integrity, and the protection of the financial system.”

The CBN also said that “further supervisory engagement will be undertaken as appropriate.”

The apex bank said the initiative was part of its continued efforts to shield Nigeria’s financial system from illicit actors and strengthen the country’s financial integrity at both domestic and international levels.