Regulatory Alerts2023-12-28
Added · Updated
Typologies Report on Terrorism Financing in Nigeria
The Nigerian Financial Intelligence Unit published a report identifying twelve specific typologies of terrorism financing in Nigeria, including the use of point-of-sale agents, automated teller machines, online transactions, faith-based organizations, and betting platforms. The document details methods for fund raising, movement, and utilization by groups such as Boko Haram, ISWAP, and IPOB, while highlighting red flags and indicators for reporting entities. It provides analysis of case studies and recommends enhanced monitoring and reporting obligations for financial institutions, designated non-financial businesses and professions, and virtual asset service providers.