Report reaching the desk of Africa Today News, New York has it that commercial banks and other financial institutions in the country have been asked by the Central Bank of Nigeria (CBN) to increase monitoring of transactions with businesses, persons in and from Cameroon, Croatia and Vietnam.
The apex bank gave this directive in a circular issued yesterday which was referenced: FPR/AML/PUB/BOF/001/029.
The circular signed by the Director, Financial Policy and Regulation, Mr Chibuzo Efobi, ordered Nigerian banks and other financial institutions to watch transactions with those countries because they had been recently placed on a grey list by the Financial Action Task Force, FATF.
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The Circular reads in part, ‘The attention of banks and other Financial Institutions is drawn to the outcomes of Financial Action Task Force Plenary conducted from June 21-23, 2023 and subsequent addition of Cameroon, Croatia and Vietnam to the list of jurisdictions under ‘Increased Monitoring.
‘Furthermore, Democratic People’s Republic of Korea, Iran and Myanmar remain on the list of high-risk jurisdictions, subject to ‘Call for Action’, the circular reads.
CBN explained that the call for due diligence concerning transactions from the listed countries is to safeguard the international financial system.
Accordingly, CBN said Russia remains suspended from the FATF.
‘Additionally, we would like to emphasise that the suspension of the Russian Federation from the FATF remains in effect’, it stated.
The Financial Action Task Force is an international body whose purpose is to develop and promote measures to combat money laundering, terrorist financing and proliferation.
In another report, the CBN has explained that they mandated financial institutions to obtain the social media handles of customers for the purpose of identification.
It also appreciated financial institutions to obtain e-mail addresses, telephone numbers, and residential addresses, among other things, from customers.
This is contained in the new CBN customer due diligence regulations aimed at further strengthening the identification process in the banking system.