Terrorism Financing: CBN Strengthens Supervisory Focus On Risks In Financial System 

The Central Bank of Nigeria (CBN) has elevated terrorism financing supervision to a current supervisory priority.

This forms part of the apex bank’s ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.

The Apex bank disclosed this in a statement by the Ag. Director, Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali.

According to her, “This supervisory priority covers, at a high level, terrorism financing risk management, terrorism financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting.”

The Director further assured that the Bank would continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective AML/CFT/CPF controls across the financial sector in line with existing legal and regulatory obligations.

She explained that this supervisory focus also supports Nigeria’s ongoing domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity, and the protection of the financial system.

She dropped the hint that further supervisory engagement would be undertaken as appropriate.