The Central Bank of Nigeria has directed Deposit Money Banks and Other Financial Institutions in Nigeria to increase monitoring of transactions with businesses and persons in and from Cameroon, Croatia and Vietnam.
The directive was contained in a circular referenced: FPR/AML/PUB/BOF/001/029, issued, on Thursday, by the apex bank’s Director, Financial Policy and Regulation, Mr Chibuzo Efobi.
According to the circular, Nigerian banks and other financial institutions need to watch transactions with those countries because they had been recently placed on a grey list by the Financial Action Task Force.
According to the circular, Nigerian banks and other financial institutions need to watch transactions with those countries because they had been recently placed on a grey list by the Financial Action Task Force.
The Financial Action Task Force is an international body whose purpose is to develop and promote measures to combat money laundering, terrorist and proliferation financing.
Any country under increased monitoring is actively working with the FATF to address strategic deficiencies in its regime to counter money laundering, terrorist financing, and proliferation financing.
The CBN also said that the Democratic People’s Republic of Korea, Iran and Myanmar remain on the list of high-risk jurisdictions, which banks should monitor closely.
Any country under increased monitoring is actively working with the FATF to address strategic deficiencies in its regime to counter money laundering, terrorist financing, and proliferation financing.
The CBN also said that the Democratic People’s Republic of Korea, Iran and Myanmar remain on the list of high-risk jurisdictions, which banks should monitor closely.