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

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The Central Bank of Nigeria has advised 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 emergin

g trends arising from the COVID-19 related financial crimes.

This therefore required 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, it stated. It said the advisory identified increased financial crimes such as cybercrimes, frauds, counterfeiting and substandard goods, diversion of public funds and misuse of non-governmental organisations funds.

 

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