CBN Warns Banks, Fintechs To Tighten Sanction List Checks
The Central Bank of Nigeria (CBN) has issued a strong reminder to banks, payment service banks, and fintech companies on the need to reinforce their sanctions compliance frameworks or risk regulatory sanctions.
In a letter dated April 17, 2025, and signed by Amonia Opusunju for the Director of the Compliance Department, the CBN directed all financial institutions to ensure strict adherence to sanctions lists maintained at both international and national levels.
These include the United Nations Consolidated Sanctions List, the Nigerian Sanctions List in line with the Terrorism (Prevention and Prohibition) Act 2022, and guidelines on targeted financial sanctions related to terrorism and its financing.
According to the apex bank, financial institutions are expected to regularly update their systems to identify designated persons or entities and prevent the misuse of financial platforms to facilitate illegal transactions.
