CBN Alerts Banks on Countries with High-Risk for Transactions

 

The Central Bank of Nigeria (CBN) has issued a crucial advisory to Nigerian banks, urging them to exercise caution when engaging in financial transactions involving entities and individuals from specific countries.

 

According to the CBN’s directive, issued on July 6, heightened vigilance is required when dealing with businesses and persons from the Russian Federation, the Democratic People’s Republic of Korea, Iran, and Cameroon.

This alert comes in response to the Financial Action Task Force (FATF) designating these countries as high-risk jurisdictions. FATF serves as the global watchdog for combating money laundering and terrorist financing, setting international standards to combat these illicit activities and mitigate their societal impact.

In addition to the countries mentioned, FATF has also placed Croatia, Vietnam, and Myanmar under increased scrutiny. The decision was made during the FATF plenary held last month, prompting the CBN to take corresponding measures.

The circular, issued by Mr. Chibuzo Efobi, Director of Financial Policy and Regulation, emphasizes the importance of applying enhanced due diligence while conducting transactions with these jurisdictions. Depending on the severity of the case, appropriate counter-measures may need to be implemented to protect the integrity of the international financial system. It is worth noting that the FATF’s suspension of the Russian Federation remains in effect.

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