Regulatory Alerts2019-09-20
nfiu Cpf Advisory 2019
The Nigerian Financial Intelligence Unit (NFIU) issued an advisory to Nigerian financial institutions and other actors in the financial system, informing them of the need to safeguard the country's financial system from the implications of violations of United Nations Security Council Resolutions. The advisory highlights the obligations of financial institutions and designated non-financial institutions regarding jurisdictions with strategic AML/CFT deficiencies, particularly the Democratic People's Republic of Korea (DPRK). It lists specific resolutions and calls for enhanced due diligence and countermeasures to prevent money laundering, terrorism financing, and the proliferation of weapons of mass destruction. The NFIU also outlines prohibited activities, reporting requirements, and red flag indicators for identifying suspicious transactions related to the DPRK.