Regulatory Alerts2022-11-24
advisory Based On Fatf Identified Jurisdictions On Increased Monitoring October 2022
The Nigerian Financial Intelligence Unit (NFIU) has issued an advisory updating Financial Institutions (FIs) and Designated Non-Financial Institutions (DNFIs) about the Financial Action Task Force (FATF)'s updated list of jurisdictions under increased monitoring as of October 2022. This update informs these institutions about countries with strategic deficiencies in their Anti-Money Laundering (AML), Counter-Terrorist Financing (CFT), and Counter-Proliferation Financing (CPF) regimes. The NFIU advises caution when conducting transactions with entities or individuals from these jurisdictions, as they pose a risk to the international financial system, and to ensure enhanced due diligence and risk assessment are being applied.