NewzThe Central Bank of Nigeria (CBN) has announced a new strategic focus on the supervision of terrorism financing. This initiative aims to strengthen the financial sector's defenses against illicit activities by enhancing regulatory oversight and enforcement measures.
The supervisory framework will center on four key areas: terrorism-financing risk management, rigorous transaction monitoring, the implementation of targeted financial sanctions, and the mandatory reporting of suspicious transactions linked to terrorism financing. These measures are designed to align the national banking system with international standards for combating the financing of terrorism.
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