- Warns Banks and other Financial Institutions
- Calls for "Increased Monitoring." and "Call for Action."
- Lists Korea, Iran and Myanmar remain as high-risk
- Russia Remains on Suspension List

The Central Bank of Nigeria (CBN) has issued a note of warning and alert to Banks and other Financial Institutions in the country to exercise caution when transacting businesses with individuals in certain countries. The countries specified by the CBN are Cameroon, Russia, Korea and Iran.

The CBN made this known in a circular issued yesterday by the Director of Finance and Policy Regulation, Mr Chibuzo Efobi, titled, "Outcome of FATF Plenary, 21-23, June 2023." This was in response to these countries being placed on the high-risk jurisdictions list by the Financial Action on Task Force (FATF), an international body responsible for combating money laundering and terrorist financing.
“Banks and other Financial Institutions should take note of the o of the Financial Action Task Force Plenary conducted from June 21-23, 3023, and the subsequent addition of Cameroon, Croatia, and Vietnam to the list of jurisdictions under ‘Increased Monitoring.”

It further emphasised that the Democratic People’s Republic of Korea, Iran, and Myanmar remain on the high-risk jurisdictions list and are subject to a ‘Call for Action.’
In light of these developments, the CBN directs financial institutions to implement enhanced due diligence measures and, in severe cases, consider implementing countermeasures to protect the international financial system.

The circular also reminds financial institutions that the suspension of the Russian Federation from the FATF remains in effect. Financial institutions are urged to stay vigilant and alert to potential emerging risks resulting from attempts to bypass measures designed to safeguard the international financial system.

Given these new developments, financial institutions are instructed to take note of all additions to jurisdictions under ‘Increased Monitoring’ and high-risk jurisdictions subject to a ‘Call-for-Action’ and take necessary steps to effectively mitigate these risks.