The Central Bank of Nigeria (CBN) on Thursday reminded all banks of the need to increase surveillance and report all transactions involving persons and entities designated under the United Nations Security Council Resolution (UNSCR) 1718 and all other subsequent resolutions relating to the Democratic People’s Republic of Korea (DPRK).
This is further to the provisions of the regulations II of the CBN Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulations, 2013 and its previous circulars on targeted financial sanctions.
The CBN advised financial institutions to continuously screen both customers and transactions against global sanctions lists and stop all transactions; freeze without delay, all funds owned or controlled, directly or indirectly by individuals and entities designated by the UN sanctions committees.
A circular signed by Gana J.M, for director, financial policy and regulation department, CBN, stated that all terminated transactions or funds frozen pursuant to the UNSCR must be immediately, reported to the Nigerian Financial Intelligence Unit (NFIU).
HOPE MOSES-ASHIKE
