CBN orders banks to freeze terrorism linked accounts
The Central Bank of Nigeria has ordered banks and other financial institutions to freeze accounts linked to six individuals and four bureau de change operators accused of terrorism financing. The directive was issued in line with Nigeria’s updated sanctions list and requires all regulated financial institutions to act immediately. The CBN said the affected accounts, funds and assets must be frozen without prior notice. According to the bank, the order also covers assets controlled directly or indirectly by the listed persons and entities. It added that no funds, services or economic resources should be made available to them. The CBN instructed banks to screen customers, beneficial owners and transactions against the updated sanctions list. Institutions are also expected to file suspicious transaction reports where necessary and report their findings within 48 hours. The move is part of efforts to tighten […]
