Regulatory Alerts2022-01-01
Added · Updated
Update of the Financial Action Task Force (FATF) Identified Jurisdictions Under Increased Monitoring in October 2022
The Nigerian Financial Intelligence Unit updates the list of jurisdictions under increased monitoring to reflect the FATF's October 2022 changes, adding the Democratic Republic of the Congo, Mozambique, and Tanzania while removing Nicaragua and Pakistan. Financial Institutions and Designated Non-Financial Institutions are required to apply enhanced due diligence measures and adjust their risk-based approaches when conducting transactions with these identified jurisdictions. The advisory specifically highlights Myanmar as a jurisdiction subject to a call for action due to unaddressed strategic deficiencies, urging stakeholders to remain alert during business engagements with these entities.