Regulatory Alerts2023-01-01
EFCC Notice on Mandatory Subscription to the Nigeria Sanctions Committee Targeted Financial Sanction Alert System
The Economic and Financial Crimes Commission’s Special Control Unit against Money Laundering mandates all Designated Non-Financial Businesses and Professions (DNFBPs) to subscribe to the Nigeria Sanctions Committee Targeted Financial Sanction Alert System. Subscribers receive automated email notifications of updated sanction lists, enabling mandatory real-time screening during customer onboarding, transaction facilitation, and Know Your Customer reviews to enforce terrorism and weapons proliferation freezing measures. Compliance is required within two weeks of the January 2023 notice, with non-compliant entities facing applicable regulatory sanctions.
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