The Central Bank of Nigeria issued a circular reminder to banks, payment service banks and other financial institutions of their ongoing obligations to comply with applicable sanctions regimes, and warned that failures may trigger enforcement action or regulatory sanctions. Institutions are expected to maintain a robust and dynamic sanctions compliance framework covering the United Nations Consolidated Sanctions List, the Nigerian Sanctions List maintained under the Terrorism (Prevention and Prohibition) Act, 2022 and related Central Bank of Nigeria AML/CFT/CPF requirements, as well as other relevant regional or international lists. The framework should enable prompt response to sanctions list updates, prevent transactions involving designated individuals or entities, support real-time screening of customers, transactions and beneficial owners, and ensure appropriate reporting to the Nigerian Financial Intelligence Unit and notification to the Central Bank of Nigeria where necessary. Programme effectiveness should be reviewed regularly and aligned with legal and regulatory expectations.
Central Bank of Nigeria 2025-04-17
Central Bank of Nigeria reminds banks and other financial institutions to strengthen sanctions compliance and real-time screening
The Central Bank of Nigeria reminded financial institutions to comply with sanctions regimes, warning of enforcement actions for non-compliance. Institutions must maintain a dynamic compliance framework covering various sanctions lists, including the United Nations and Nigerian Sanctions Lists, and ensure real-time screening and reporting. Regular reviews of programme effectiveness are required to align with legal and regulatory expectations.