{"id":331136,"date":"2019-09-27T03:52:11","date_gmt":"2019-09-27T02:52:11","guid":{"rendered":"https:\/\/www.thisdaylive.com\/?p=331136"},"modified":"2019-09-27T18:53:15","modified_gmt":"2019-09-27T17:53:15","slug":"report-transactions-involving-persons-entities-under-surveillance-cbn-tells-banks","status":"publish","type":"post","link":"https:\/\/www.thisdaylive.com\/2019\/09\/27\/report-transactions-involving-persons-entities-under-surveillance-cbn-tells-banks\/","title":{"rendered":"Report Transactions Involving Persons, Entities Under Surveillance, CBN Tells Banks"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><div id=\"m_7119581548532193780yMail_cursorElementTracker_1569603228313\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Calibri;\">By Obinna Chima<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Calibri;\">Financial institutions in the country under the surveillance of the Central Bank of Nigeria (CBN) have been told to increase surveillance and report all transactions involving persons and entities designated under the United Nations Security Council Resolution.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Calibri;\">Banks were asked to carry out this action without any delay.<\/span><\/p>\n<p style=\"text-align: justify;\"><span id=\"m_7119581548532193780yMail_cursorElementTracker_1569603243892\" style=\"color: #000000; font-family: Calibri;\">The CBN stated this in a letter to all banks titled: \u201cSuspicious Transaction Reporting on United Nations Security Council Resolutions on Proliferation Financing.\u201d The letter signed by J.M. Gana, on behalf of the Director, Financial Policy and Regulations Department, CBN, Kevin Amugo, dated September 20<sup>th<\/sup>, a copy of which was posted on the central bank\u2019s website.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Calibri;\">It explained: \u201cFurther to the provisions of Regulation 11 of the CBN AML\/CFT Regulations, 2013 and our previous circulars on targeted financial sanctions, we write to remind all financial institutions on the need to increase surveillance and report all transactions involving persons and entities designated under the United Nations Security Council Resolution (UNSCR) 1718 and all other subsequent resolutions relating to the Democratic People\u2019s Republic of Korea (DPRK).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-family: Calibri;\">\u201cFinancial institutions are advised to continuously screen both customers and transactions against global sanction lists and stop all transactions; freeze, without delay, all funds, owned or controlled, directly or indirectly, by individuals and entities designated by the UN Sanctions Committees.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\"><span id=\"m_7119581548532193780yMail_cursorElementTracker_1569603232949\" style=\"color: #000000; font-family: Calibri;\">In addition, the banking sector regulator stressed that all terminated transactions or funds frozen pursuant to the UNSCR must be immediately, reported to the Nigerian Financial Intelligence Unit (NFIU).<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Obinna Chima Financial institutions in the country under the surveillance of the Central Bank of Nigeria (CBN) have been told to increase surveillance and report all transactions involving persons<\/p>\n","protected":false},"author":13,"featured_media":216641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7568,59],"tags":[],"class_list":["post-331136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/posts\/331136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/comments?post=331136"}],"version-history":[{"count":0,"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/posts\/331136\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/media\/216641"}],"wp:attachment":[{"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/media?parent=331136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/categories?post=331136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thisdaylive.com\/wp-json\/wp\/v2\/tags?post=331136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}