Circular to DMBs and Merchant Banks on the Implementation of SWIFT Sanction Screening Service

CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187.

Garki, Abuja.

+234 - 0946238445 BANKING AND PAYMENTS SYSTEM DEPARTMENT REF: BPS/DIR/GEN/CIR/01/014 Wednesday, 19th November, 2014 TO: All Deposit Money Banks (DMBs) and Merchant Banks

Circular To All Deposit Money Banks And Merchant Banks On

THE IMPLEMENTATION OF SWIFT SANCTION SCREENING SERVICE In furtherance of the efforts by the Central Bank of Nigeria (CBN) to strengthen the National Payments Infrastructure and ensure compliance with global best practices; an information session was organized by the CBN, in collaboration with SWIFT, on the 11th of September 2014, to highlight the SWIFT Sanction Screening Service (SSS) and its objectives, and improve the transparency of international payments at the point of origination.

The CBN by this circular, hereby issue the following directives for the adoption of the SWIFT Sanction Screening Service. All DMBs and Merchant Banks are hereby mandated to:

1. Assign a Project Manager for the SWIFT Sanction Screening Service Project and forward the contact details of such to the Director, Banking and Payments System Department of the CBN on or before the 24th of November, 2014 and email same to: scokojere@cbn.gov.ng and gmladan@cbn.gov.nq .

2. Nominate three (3) staff, inclusive of the project manager, to be trained on the SWIFT Sanction Screening Service Project.

3. Subscribe to the SWIFT Sanction Screening Service by 1st December, 2014 and implement same on or before 31st January, 2015.

Please ensure strict compliance.

'Dipo Fatokun Director, Banking and Payment System Department