Regulatory Alerts2022-11-24
Added · Updated
NFIU Guidance on Counter-Proliferation Financing for Virtual Asset Service Providers
The Nigerian Financial Intelligence Unit provides compliance guidance for Virtual Asset Service Providers (VASPs) to mitigate proliferation financing risks by implementing robust governance, annual risk assessments, and effective cyber-security protocols. VASPs are required to conduct comprehensive Know Your Customer checks, screen against international and national sanctions lists, and monitor transactions for high-risk indicators such as privacy coins or mixers. The guidance mandates the mandatory filing of Suspicious Transaction Reports and establishes obligations for ongoing monitoring, enhanced due diligence, and inter-agency cooperation to ensure adherence to counter-proliferation financing standards.