The Central Bank of Nigeria (CBN)says it has elevated terrorism financing supervision to a current supervisory priority, as part of its ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.

This was disclosed Tuesday in a statement signed by Mrs Hakama Sidi-Ali, Ag. Director, Corporate Communications and Investor Relations Department.

According to Hakama, 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 Bank will 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.

“This supervisory focus also supports Nigeria’s on-going domestic and international cooperation on
counter-terrorism financing, counter-proliferation financing, financial integrity, and the protection of the financial system”, CBN said.

The CBN spokesperson also noted that, “further supervisory engagement will be undertaken as appropriate.”