Regulatory Alerts2026-06-24 | CMD/FCS/PUB/CIR/002/011Implementation of Sanctions Designations – NIGSAC and OFAC (E.O. 13224, As Amended)
The Central Bank of Nigeria requires all domestic banks and financial institutions to immediately screen existing customers, accounts, and transactions against updated NIGSAC and OFAC sanctions lists under Executive Order 13224. Regulated entities must freeze assets of designated individuals and their controlled money service businesses, prohibit further dealings with them, and submit detailed match reports to the CBN within 48 hours alongside immediate suspicious transaction filings. Compliance is enforced through mandatory lookback reviews, intensified terrorism financing monitoring, and off-site or on-site examinations that carry penalties for false or misleading information.
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