Cbn warns banks illicit money transfer flows

The Central Bank of Nigeria (CBN) has warned banks to be vigilant and prevent illicit money transfer flows. This warning is part of the bank's efforts to combat money laundering and terrorist financing.

In a circular issued to banks, the CBN emphasized the importance of implementing effective anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. The bank warned that it will not hesitate to take action against banks that fail to comply with these regulations.

The CBN also reminded banks of their obligations under the Anti-Money Laundering Act (AMLA) and the International Money Laundering Prevention Act (IMLPA). The bank emphasized that banks must report any suspicious transactions to the Financial Intelligence Unit (FIU) and cooperate with law enforcement agencies in investigations.

The CBN's warning comes at a time when the country is facing a number of challenges related to money laundering and terrorist financing. In recent years, there have been several high-profile cases of money laundering and terrorist financing in Nigeria, and the CBN is working to prevent these types of activities from occurring in the future.

The CBN's efforts to combat money laundering and terrorist financing are part of a broader effort by the Nigerian government to improve the country's financial system and prevent the misuse of financial resources. The government has also established a number of other initiatives aimed at preventing money laundering and terrorist financing, including the establishment of a Financial Intelligence Unit (FIU) and the implementation of a national anti-money laundering strategy.

Overall, the CBN's warning to banks is an important step in the country's efforts to combat money laundering and terrorist financing. By requiring banks to implement effective AML and CFT measures, the CBN is helping to prevent the misuse of financial resources and protect the integrity of the financial system.