Regulatory Alerts2019-01-01
Added · Updated
NFIU Advisory on UN Security Council Resolutions Regarding DPRK
The Nigerian Financial Intelligence Unit mandates all financial institutions and designated non-financial institutions to immediately terminate correspondent relationships and close existing accounts, subsidiaries, or representative offices linked to the Democratic People's Republic of Korea. The advisory prohibits new joint ventures, financial support for trade, and transactions involving crude oil or other commodities with DPRK entities, while requiring enhanced due diligence and monthly reporting of transactions involving DPRK diplomatic personnel. Entities must also implement monitoring frameworks to detect sanctions evasion tactics and report suspicious activities originating from the DPRK to the NFIU.