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CBN gives banks January 2015 to implement SWIFT SSS

Nigeria’s opaque external reserves drains confidence in FX reform

The Central Bank of Nigeria (CBN) has ordered deposit money banks and merchant banks to implement the SWIFT Sanction Screen Service (SSS) on or before January 31, 2015.

Sanctions screening, according to Nicolas Stuckens, head of sanctions compliance services, at SWIFT, demonstrates the strong demand for SWIFT’s financial crime compliance solutions that help customers increase the effectiveness and efficiency of their compliance activities, while reducing cost and risk.

The CBN in circular signed by Dipo Fatokun, director, banking and payment system department, asked banks and merchant banks to assign project manager for SWIFT sanctions screening service project and forward the contact details of such to the director, banking and payment system department of the CBN on or before November 24, 2014.

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The institutions are expected to nominate three staff, inclusive of the project manager, to be trained on the SWIFT SSS.

The CBN in furtherance of its effort to strengthen the national payments infrastructure and ensure compliance with global best practice, organised an information session in collaboration with SWIFT, on September 11, 2014, to highlight the SWIFT SSS and its objectives, and improve the transparency of international payments at the point of origination.

HOPE MOSES-ASHIKE