The Central Bank of Nigeria (CBN) has issued a warning to banks regarding transactions involving Russia, Iran, and Cameroon. The warning is likely related to concerns about money laundering, financing of terrorism, and other illicit activities. The CBN has urged banks to exercise enhanced due diligence and ensure strict compliance with the regulations and guidelines set forth by the Financial Action Task Force (FATF) and other relevant authorities.
By issuing this warning, the CBN is emphasizing the importance of maintaining the integrity of the Nigerian financial system and preventing the misuse of funds for illegal purposes. Banks are expected to be vigilant in identifying and reporting any suspicious transactions that may be linked to these countries.
The warning serves as a reminder to financial institutions to adhere to regulatory requirements and implement robust anti-money laundering and counter-terrorism financing measures. Compliance with international standards and cooperation with regulatory authorities are crucial in combating financial crimes and maintaining the stability of the banking sector.