Regulatory Alerts2019-10-01
Advisory on UN Security Council Resolutions Implications for the Nigerian Financial System Following FATF AML/CFT Deficiency List
The Nigerian Financial Intelligence Unit (NFIU) directs all financial and designated non-financial institutions to implement United Nations Security Council sanctions targeting North Korea (DPRK) and Iran following the FATF’s identification of their strategic AML/CFT deficiencies. Institutions must close existing DPRK-related representative offices and banking accounts, prohibit new joint ventures without UN approval, and apply enhanced due diligence to transactions involving DPRK entities, diplomats, and high-risk jurisdictions. The advisory mandates continuous monitoring, suspicious transaction reporting to the NFIU, and strict compliance with targeted financial sanctions to protect Nigeria’s financial system from money laundering, terrorism financing, and weapons of mass destruction proliferation risks.