The Central Bank of Nigeria (CBN) has advised all financial institutions to be abreast with emerging risks and other developments while taking proactive steps to address the new and emerging money laundering and terrorism financing.
The banking sector regulator noted that changes in the trends of business activities and financial transactions precipitated by COVID-19 pandemic had inadvertently led to increase in financial crimes globally.
The CBN stated this in a circular titled: “Administrative letters to all banks and other financial institutions,” that was signed by its Director, Financial Policy and Regulation Department, J. M. Gana.
Some of the measures it advised included investing in robust data mining and artificial intelligence software to monitor transactions; report suspicious transactions and update alerts protocol in their Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regulations.
It explained: “The Nigerian Financial lntelligence Unit (NFIU), 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.
The Advisory identified increased financial crimes such as, cybercrimes, frauds, counterfeiting and substandard goods; diversion of public Ends and misuse of Non-Governmental Organisations (NGOs).”