Regulatory Alerts2026-01-01
Implementation of FATF Countermeasures Against the Islamic Republic of Iran
Nigeria’s EFCC Special Control Unit against Money Laundering (SCUML) directs all Designated Non-Financial Businesses and Professions, Self-Regulatory Bodies, and Trade Associations to immediately implement FATF-prescribed countermeasures against Iran. These entities must enforce enhanced risk mitigation, conduct rigorous customer due diligence with senior management approval, and screen for proliferation and terrorist financing risks in line with United Nations sanctions. Any attempted or completed Iran-linked transactions require immediate reporting to SCUML as high-risk cases, with non-compliance triggering regulatory and enforcement actions under Nigerian AML/CFT/CPF regulations.
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