CBN wants banks to clamp down on COVID-19 financial crimes

CBN wants banks to clamp down on COVID-19 financial crimes

The Central Bank of Nigeria (CBN) has asked all banks to update alert protocols in their Anti-Money Laundering/Combating the Financing of Terrorism monitoring tools, in line with the red flags and emerging trends arising from the COVID-19 related financial crimes.

It said this in a circular titled ‘Administrative letters to all banks and other financial institutions’ issued on Monday, which was signed by the Director, Financial Policy and Regulation Department, J. M. Gana.
The regulator said changes in the trends of business activities and financial transactions precipitated by COVID-19 pandemic inadvertently led to increase in financial crimes globally.

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The Apex Bank wants financial institutions to adapt rapidly and keep abreast with emerging risks and other developments while taking proactive steps to address the new and emerging ML/TF, These it said included investing in robust data mining and artificial intelligence software to monitor transactions and also report suspicious transactions.

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