Home Business CBN Directs DMB to Clamp Down on COVID-19 Financial Crimes

CBN Directs DMB to Clamp Down on COVID-19 Financial Crimes


The Central Bank of Nigeria (CBN) has advised all banks to update alert protocols in their Anti-Money Laundering/Combating the Financing of Terrorism monitoring tools, in line with the red flags and emerging trends arising from the COVID-19 related financial crimes.

It said this in a circular titled ‘Administrative letters to all banks and other financial institutions’ issued on Monday, which was signed by the Director, Financial Policy and Regulation Department, J. M. Gana. The regulator said changes in the trends of business activities and financial transactions precipitated by COVID-19 pandemic inadvertently led to increase in financial crimes globally.

This therefore required financial institutions to adapt rapidly and keep abreast with emerging risks and other developments while taking proactive steps to address the new and emerging ML/TF, it stated. The circular said this included investing in robust data mining and artificial intelligence software to monitor transactions and also report suspicious transactions.

The CBN said the Nigerian Financial Intelligence Unit, as the central repository of suspicious transactions and other financial information, had issued an advisory based on comprehensive analysis of STRs and other information available to it.


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