CBN alerts DMBs on suspicious transactions from Cameroon, Croatia, Vietnam, others
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) and other financial institutions in the country to increase their monitoring of transactions involving businesses and individuals from Cameroon, Croatia, and Vietnam.
The CBN has also advised that these transactions should be closely scrutinized due to the placement of these countries on the Financial Action Task Force’s (FATF) grey list.
The directive, outlined in a circular referenced FPR/AML/PUB/BOF/001/029, comes as a result of resolutions reached at a recent plenary session of the FATF.
The circular, issued and signed by the Director of Financial Policy and Regulation, Mr. Chibuzo Efobi, also highlights that high-risk jurisdictions such as the Democratic People’s Republic of Korea, Iran, and Myanmar should continue to be closely monitored by banks and financial institutions.
The CBN emphasized the need for enhanced due diligence and, in severe cases, the implementation of counter-measures to protect the international financial system.
Financial institutions were reminded of the suspension of Russia’s membership in the FATF due to its invasion of Ukraine and were urged to remain vigilant and aware of any risks associated with transactions involving the listed countries.
In light of these developments, the CBN has directed financial institutions to take necessary measures to effectively mitigate risks associated with jurisdictions under “Increased Monitoring” and high-risk jurisdictions subject to a “Call-for-Action.”
