Thursday, November 20, 2014 6.31 PM/ CBN
In furtherance of the efforts of the Central Bank of Nigeria (CBN) to strengthen the National Payments Infrastructure and ensure compliance with global best practices; an information session was organized by the CBN, in collaboration with SWIFT, on the 11th of September 2014, to highlight the SWIFT Sanction Screening Service (SSS) and its objectives, and improve the transparency of international payments at the point of origination.
The CBN by this circular, hereby issue the following directives for the adoption of the SWIFT Sanction Screening Service. All DBMs and Merchant Banks are hereby mandated to:
1. Assign a Project Manager for SWIFT Sanction Screening Service and forward the contact details of such to the Director, Banking and Payments System Department of the CBN on or before the 24th of November, 2014 and email same to: email@example.com and firstname.lastname@example.org
2. Nominate three (3) staff, inclusive of the project manager, to be trained on SWIFT Sanction Screening Service project
3. Subscribe to the SWIFT Sanction Screening Service by 1st December, 2014 and implement same on or before 31st January, 2015
Please ensure strict compliance.