The CBN has ordered banks to immediately freeze all accounts and assets linked to six individuals and four BDC operators accused of financing terrorism, including ISWAP
Nigeria’s central bank just hit the brakes hard on suspected terror cash flows.
The CBN has ordered banks and other financial institutions to immediately freeze all accounts, assets and transactions tied to six individuals and four Bureau De Change operators accused of terrorism financing, The Guardian reports.
The move follows an update to the Nigeria Sanctions List, alongside US Treasury OFAC sanctions. Among those named: Mukhtar Adamu Muhammad, a Lagos-based BDC operator accused by US authorities of facilitating funds for ISWAP.
Institutions must identify and freeze related funds without warning, block future transactions, and file Suspicious Transaction Reports with Nigeria’s Financial Intelligence Unit.
Banks have just 48 hours to submit compliance reports, with the CBN promising reviews and sanctions for violators, The Guardian reported.
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