Regulatory changes, CBN circulars, sanctions list updates, and best practices for AML/CFT compliance in Nigeria and across Africa.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has added four Nigerian entities and seven individuals to the Specially Designated Nationals (SDN) list. All financial institutions are advised to update their sanctions screening databases immediately.
Read moreThe Central Bank of Nigeria has issued a revised Anti-Money Laundering and Combating the Financing of Terrorism supervisory framework. Key changes include enhanced customer due diligence requirements and new reporting thresholds for cryptocurrency-related transactions.
Read moreOur Politically Exposed Persons database has been expanded to include coverage from over 140 countries, with enhanced sub-national coverage for state governors, local government chairpersons, and senior judicial officers across Africa.
Read moreFollowing the FATF's updated grey list, we have published guidance on implementing enhanced due diligence for transactions involving high-risk jurisdictions. Includes recommended additional verification steps and documentation requirements.
Read moreThe CBN has announced revised cash transaction reporting thresholds. Single cash transactions exceeding NGN 5,000,000 for individuals and NGN 10,000,000 for corporate bodies must now be reported within 24 hours via the updated e-Filing portal.
Read moreVerifow's Corporate KYB module now integrates directly with the Corporate Affairs Commission (CAC) beneficial ownership register. Instantly verify directors, shareholders, and ultimate beneficial owners with automatic sanctions cross-checking.
Read moreHM Treasury has updated its consolidated list of financial sanctions targets, adding several West African entities linked to illicit gold trading networks. Financial institutions with exposure to precious metals trading should review their customer bases.
Read moreThe Nigerian Financial Intelligence Unit has released its annual report on suspicious transaction indicators. Top red flags include rapid movement of funds through multiple accounts, structuring below reporting thresholds, and use of shell companies for real estate purchases.
Read moreYou can now build custom rules that factor in geographic risk scores. Automatically flag transactions originating from or destined to high-risk regions, with configurable thresholds and alert severity levels.
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