July 07, (THEWILL) – The Central Bank of Nigeria (CBN), has warned Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) in Nigeria, to be wary of business transactions with persons in Cameroon, Croatia and Vietnam.
This decision was arrived at, based on the Financial Action Task Force (FATF) meeting conducted in June 2023, which listed the three countries’ banks account as unsafe, high-risk and must be intensely monitored.
The warning was issued in a circular referenced: FPR/AML/PUB/BOF/001/029, on Thursday, signed by the Director of Financial Policy and Regulation, Chibuzo Efobi.
According to the circular, “The attention of banks and other Financial Institutions is drawn to the outcomes of Financial Action Task Force Plenary conducted from June 21-23, 2023 and subsequent addition of Cameroon, Croatia, and Vietnam to the list of jurisdictions under ‘Increased Monitoring.
“Furthermore, Democratic People’s Republic of Korea, Iran, and Myanmar remains on the list of high-risk jurisdictions, subject to ‘Call for Action.
“Consequently, enhanced due diligence should be applied and in severe cases, counter-measures may need to be implemented to safeguard the international financial system.
“Additionally, we would like to emphasise that the suspension of the Russian Federation’s membership in the FAT remains in effect, and in light of these developments, FIs are directed to note all additions to jurisdictions under ‘Increased Monitoring’, as well as, high-risk jurisdictions subject to a ‘Call-for-Action’ and take necessary measures to mitigate these risks effectively.”