Regulatory Alerts2025-04-17 | CMD/DIR/INT/GEN/001/001RE: Reminder on Sanctions Compliance Obligations
The Central Bank of Nigeria (CBN) has issued a reminder to all banks, payment service banks, and other financial institutions regarding their obligations to comply with applicable sanctions regimes. This includes maintaining a robust sanctions compliance framework, promptly identifying and responding to changes in sanctions lists, preventing the use of systems for transactions involving designated individuals or entities, conducting real-time screening of customers and transactions, and filing reports with the NFIU. The CBN expects all financial institutions to take note and ensure continued compliance, as failure to comply may result in enforcement action or regulatory sanctions.