Regulatory Alerts2026-01-01
Implementation of FATF Countermeasures Against the Democratic People’s Republic of Korea (DPRK)
The Economic and Financial Crimes Commission’s Special Control Unit against Money Laundering (SCUML) has directed all Nigerian designated non-financial businesses, self-regulatory bodies, and trade associations to immediately implement Financial Action Task Force countermeasures against North Korea. Entities must terminate correspondent relationships with DPRK banks, restrict business involving DPRK nationals and linked entities, and apply enhanced due diligence to transactions with direct or indirect North Korean nexus. Organizations are required to assess proliferation financing risks, immediately report DPRK-related transactions to SCUML and the NFIU, and face enforcement actions for non-compliance.
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