{"id":117590,"date":"2025-04-18T10:03:07","date_gmt":"2025-04-18T09:03:07","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117590"},"modified":"2025-04-18T10:03:07","modified_gmt":"2025-04-18T09:03:07","slug":"banks-must-comply-with-sanctions-lists-cbn-warns","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/banks-must-comply-with-sanctions-lists-cbn-warns\/","title":{"rendered":"Banks Must Comply with Sanctions Lists, CBN Warns"},"content":{"rendered":"<div>\n<p>Daniel Adaji<\/p>\n<p>&nbsp;<\/p>\n<p>The Central Bank of Nigeria (CBN) has issued a warning to all financial institutions, including banks, payment service providers, and fintech companies, urging them to reinforce their compliance with sanctions lists.<\/p>\n<p>&nbsp;<\/p>\n<p>The warning which was delivered in a letter to banks dated April 17, 2025, emphasises that failure to comply could result in severe penalties.<\/p>\n<p>&nbsp;<\/p>\n<p>In the document signed by Amonia Opusunju on behalf of the Director of the CBN&#8217;s Compliance Department, the apex bank directed financial institutions to adhere to both national and international sanctions regulations.<\/p>\n<p>&nbsp;<\/p>\n<p>These include the United Nations Consolidated Sanctions List, Nigeria\u2019s own Sanctions List as specified under the Terrorism (Prevention and Prohibition) Act of 2022, and the guidelines surrounding targeted financial sanctions.<\/p>\n<p>&nbsp;<\/p>\n<p>The CBN&#8217;s letter called for a proactive approach in identifying designated individuals and entities, stressing the need for continuous updates to systems to prevent the misuse of financial platforms.<\/p>\n<p>&nbsp;<\/p>\n<p>The directive clearly stated that financial institutions must maintain &#8220;a robust and dynamic sanctions compliance framework&#8221; that allows them to monitor and act swiftly on updates to sanctions lists.<\/p>\n<p>&nbsp;<\/p>\n<p>Additionally, they must ensure real-time screening of all transactions, customers, and beneficial owners, and report any suspicious activities to the Nigerian Financial Intelligence Unit (NFIU), with further notification to the CBN when required.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;Financial institutions are required to maintain a robust and dynamic sanctions compliance framework that enables them to identify and respond promptly to updates across all applicable sanctions lists,&#8221; the apex bank said.<\/p>\n<p>&nbsp;<\/p>\n<p>The bank underscored that non-compliance could lead to enforcement actions, ranging from financial penalties to potential operational suspensions.<\/p>\n<p>&nbsp;<\/p>\n<p>It further recommended that institutions review their compliance frameworks regularly to keep pace with evolving regulatory requirements.<\/p>\n<p>&nbsp;<\/p>\n<p>This directive is part of Nigeria&#8217;s broader effort to enhance its anti-money laundering (AML) and counter-financing of terrorism (CFT) measures.<\/p>\n<p>&nbsp;<\/p>\n<p>The CBN is aligning these efforts with global standards, particularly those set by the Financial Action Task Force (FATF).<\/p>\n<\/div>\n<div class=\"yj6qo\"><\/div>\n<div class=\"adL\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Daniel Adaji &nbsp; The Central Bank of Nigeria (CBN) has issued a warning to all financial institutions, including banks, payment service providers, and fintech companies, urging them to reinforce their&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":112370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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