CBN Intensifies Supervisory Focus on Terrorism Financing Risk

By Modupe Gbadeyanka

As part of its ongoing commitment to protecting the country’s financial system from abuse by illicit actors, the Central Bank of Nigeria (CBN) has elevated terrorism financing supervision to a current supervisory priority.

In a statement signed by its acting Director of Corporate Communications and Investor Relations Department, Mrs Hakama Sidi-Ali, the central bank explained that 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.

It further stressed 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.

The CBN promised to 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.