The Central Bank of Nigeria (CBN) has drawn the attention of Deposit Money Banks (DMBs) and other Financial Institutions (FIs) in the country on the need to increase monitoring of transactions with organisations and individuals emanating from Cameroon, Croatia, Korea, and Vietnam over money laundering.
The directive was given through a circular with reference: FPR/AML/PUB/BOF/001/029 and issued by Chibuzo A. Efobi, the Director, Financial Policy and Regulation Department of the CBN.
The CBN said Korea, Iran, and Myanmar remain on the list of high-risk jurisdictions, “subject to ‘Call for Action’”, adding that Russia remains suspended from the Financial Action Task Force (FATF).
The CBN statement reads: “The attention of banks and other Financial Institutions is drawn to the outcomes of Financial Action Task Force (FATF) Plenary conducted from June 21-23, 2023, and subsequent addition of Cameroon, Croatia, and Vietnam to the list of jurisdictions under ‘Increased Monitoring’.
“Furthermore, Democratic People’s Republic of Korea, Iran, and Myanmar remain on the list of high-risk jurisdictions, subject to ‘Call for Action.’
“Consequently, enhanced due diligence should be applied and in severe cases, counter-measures may need to be implemented to safeguard the international financial system.”
“Additionally, we would like to emphasise that the suspension of the Russian Federation from the FATF remains in effect.
“FIs are to be vigilant to and be alert to possible emerging risks resulting from the circumvention of measures taken to protect the international financial system.
“In light of these developments, FIs are directed to note all additions to jurisdictions under ‘Increased Monitoring,’ as well as, high-risk jurisdictions subject to a ‘Call-for-Action’ and take necessary measures to mitigate these risks effectively.”
The CBN has in recent times mounted increased surveillance on DMBs and other FIs in an effort to nib in the bud incidences of financial impropriety.
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