The Central Bank of Nigeria has told banks and other financial institutions to be on the look out for increased cybercrimes and well as money laundering and terrorism financingb in the wake of the Covid-19 pandemic.
“This therefore requires 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 risks’’. “lndividual suddenly receiving multiple payments from unrelated third parties. Customers suddenly engaglng in the supply or purchase of medical supplies and payment for goods and services associated with known brands, yet the benehciary is an individual not a corporate body.
“Unusual volume of transactions. large and frequent cash withdrawals and deposits. Immediate disbursement of deposited funds to multiple accounts.
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