The Central Bank of Nigeria, CBN has introduced tougher measures to strengthen the fight against money laundering, terrorism financing and other financial crimes in the country’s financial system.
The apex bank said on Tuesday that the new measures are aimed at making financial transactions easier to track and more difficult for criminals to exploit.
In a fresh directive signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN placed banks, fintech companies and other financial institutions on increased alert.
Under the new measures, financial institutions are expected to strengthen their risk management systems, improve real-time monitoring of transactions, swiftly enforce sanctions against flagged individuals and entities, and promptly report suspicious activities to regulatory authorities.
The Central Bank said it will also intensify supervision through on-site inspections and digital surveillance across the financial sector to ensure compliance.
The new requirements could mean more detailed verification processes for bank customers, particularly when carrying out unusual or high-value transactions.
While the additional checks may come with some inconvenience, the CBN believes stronger controls are necessary to protect depositors, maintain confidence in the banking system and ensure Nigeria meets global standards on anti-money laundering and counter-terrorism financing.
The apex bank said the measures form part of broader efforts to build a safer, more resilient and globally compliant financial sector.
As financial institutions begin implementing the new requirements, customers are being encouraged to keep their account information updated and cooperate with necessary verification procedures.
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Editor: Ken Eseni
