Thursday, April 26, 2018 /12:20PM/CBN
Pursuant to the requirements of the Financial Action Task Force (FATF) Recommendation 35 on effective, proportionate and dissuasive sanctions and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) 2007 Mutual Evaluation recommendation that “Nigeria’s sanctions regime should be reviewed and made to be proportionate and dissuasive," the Central Bank of Nigeria (CBN) in collaboration with the Office of the Attorney-General of the Federation (OAGF) have developed a robust administrative sanctions regime.
The Administrative Sanctions Regime has been gazetted to give it legal effect and ensure compliance with FATF and GIABA requirements.
Banks and other financial institutions are by this circular, informed of the attached “CBN AML/CFT Administrative Sanctions Regime” the application of which comes into effect as at the date of the Gazette.
Kindly ensure compliance, please.