2020-10-19 | 19 OCT 2020

Advisory on Covid-19 Related Financial Crimes

The letter, issued by the Central Bank of Nigeria, warns financial institutions about an increase in financial crimes due to the COVID-19 pandemic. It advises banks to adapt quickly to emerging risks and take proactive steps to address new money laundering and terrorist financing threats, including investing in data mining and AI software to monitor transactions. The letter also highlights red flags and vulnerabilities, such as fraud, counterfeiting, diversion of public funds, and misuse of NGOs, that banks should be vigilant about and take necessary actions to mitigate these risks.

Nigeria

Central Bank of Nigeria

Show thumbnail