Tuesday, December 1, 2020

CBN orders banks to clamp down on COVID-19 financial crimes



The Central Bank of Nigeria has advised all banks to update alert protocols in their Anti -Money Laundering / Combating the Financing of Terrorism monitoring tools, in line with the red flags and emerging trends arising from the COVID-19 related financial crimes.

The regulator said changes in the trends of business activities and financial transactions precipitated by COVID – 19 pandemic inadvertently led to increase in financial crimes globally.

This it noted requires financial institutions to adapt rapidly and keep abreast with emerging risks and other developments while taking proactive steps to address the new and emerging ML/TF.

The CBN said the Nigerian Financial Intelligence Unit, as the central repository of suspicious transactions and other financial information, had issued an advisory based on comprehensive analysis of STRs and other information available to it.