The Central Bank of Nigeria has made terrorism financing a current supervisory priority as it strengthens efforts to protect the financial system from abuse by illicit actors.
The CBN said the enhanced supervision will focus on terrorism financing risk management, transaction monitoring, implementation of targeted financial sanctions and reporting of suspicious transactions linked to terrorism financing.
The bank said it would continue using a risk-based supervisory approach, including on-site and off-site examinations, to assess the effectiveness of anti-money laundering, counter-terrorist financing and counter-proliferation financing controls across the financial sector.
The move is also expected to support Nigeria’s domestic and international efforts to combat terrorism financing, proliferation financing and other threats to financial integrity.
The CBN said further supervisory engagement would be undertaken where necessary.
The bank has previously identified the need to strengthen AML/CFT/CPF supervision, particularly for higher-risk financial institutions, and has conducted risk-based examinations and targeted financial sanctions checks on banks.
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