Terrorism Financing: CBN orders Nigerian banks to freeze assets of six persons, four BDCs
The central bank said banks must screen customers, file suspicious transaction reports and submit compliance reports within 48 hours.
- On Thursday, the Central Bank of Nigeria directed all financial institutions to immediately freeze accounts and assets linked to six individuals and four Bureau De Change operators designated for alleged terrorism financing.
- These sanctions follow June 18 designations by the Nigeria Sanctions Committee and the United States Department of the Treasury's Office of Foreign Assets Control under Executive Order 13224 for alleged Islamic State West Africa Province financing.
- Institutions must file Suspicious Transaction Reports with the Nigerian Financial Intelligence Unit and submit compliance reports within 48 hours; the freeze extends to businesses owned 50 per cent or more by the sanctioned parties.
- The CBN warned that inaccurate reporting violates the Banks and Other Financial Institutions Act , though Aminu Gwadebe, president of the Association of Bureau De Change Operators of Nigeria, said most operators comply with laws.
- Financial institutions must conduct retrospective reviews of past transactions involving designated individuals and intensify monitoring for terrorism financing indicators, including structured transactions and the use of high-risk informal money channels.
19 Articles
19 Articles
CBN orders banks to freeze accounts linked to six terrorism financing suspects
Under the directive, financial institutions are required to immediately screen existing customers, beneficial owners, and all incoming and outgoing transactions against the updated sanctions lists, including known aliases and identifiers. The post CBN orders banks to freeze accounts linked to six terrorism financing suspects appeared first on Premium Times Nigeria.
CBN orders freeze of accounts linked to terrorism financing - OGUN STATE TELEVISION
The Central Bank of Nigeria (CBN) yesterday directed banks, payment service banks and other financial institutions to identify and immediately freeze assets held by terrorism financing suspects. The banks are to act without prior notice, ensuring that all funds, assets and other economic resources belonging to, owned, held or controlled (directly or indirectly) by the suspects are frozen. The move followed measures imposed by the Nigeria Sanctio…
CBN's war on terror
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