The Central Bank of Nigeria, (CBN) has alerted Deposit Money Banks, (DMBs) and Other Financial Institutions in the country to increase the monitoring of transactions with businesses and persons in and from Cameroon, Croatia and Vietnam.
This was according to a circular referenced: FPR/AML/PUB/BOF/001/029, which was issued, on Thursday, by the Director of Financial Policy and Regulation, Mr Chibuzo Efobi.
While noting that banks and other financial institutions need to watch transaction that comes or goes through these countries, the CBN said the countries have been recently placed on a grey list by the Financial Action Task Force.
The Financial Action Task Force is an international body whose purpose is to develop and promote measures to combat money laundering, terrorist and proliferation financing.
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, 3023 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.’
“Consequently, enhanced due diligence should be applied and in severe cases, counter-measures may need to be implemented to safeguard the international financial system.
“Additionally, we would like to emphasise that the suspension of the Russian Federation from the FATF remains in effect.
“FIs are to be vigilant to and be alert to possible emerging risks resulting from the circumvention of measures taken to protect the international financial system.
“In light of these developments, FIs are directed to note all additions to jurisdictions under ‘Increased Monitoring,’ as well as, high-risk jurisdictions subject to a ‘Call-for-Action’ and take necessary measures to mitigate these risks effectively.”
