The Central Bank of Nigeria has made terrorism financing a top supervisory priority as it enhances efforts to safeguard the financial system from abuse by illegal actors.
The CBN stated that the strengthened supervision will focus on managing terrorism financing risks, monitoring transactions, implementing targeted financial sanctions, and reporting suspicious transactions related to terrorism financing.
The bank also said it will continue employing a risk-based supervisory approach, including on-site and off-site examinations, to evaluate how well anti-money laundering (AML), counter-terrorist financing (CTF), and counter-proliferation financing controls are working across the financial sector.
This move is also expected to bolster Nigeria’s domestic and international efforts to fight terrorism financing, proliferation financing, and other threats to financial integrity.
The CBN mentioned that further supervisory activities would be carried out when necessary.
The bank has previously highlighted the need to strengthen AML/CFT/CPF supervision, especially for higher-risk financial institutions, and has conducted risk-based examinations and targeted financial sanctions checks on banks.
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