CBN advise banks to increase surveillance, report suspicious transactions under UNSCR

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).

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HOPE MOSES-ASHIKE

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.