Central Banking

Central Bank of Nigeria implements ‘sanctions screening' service to combat financial crime

central-bank-of-nigeria
Central Bank of Nigeria

The Central Bank of Nigeria (CBN) is putting in place a ‘Sanctions Screening service' to ensure banks meet global best practices for financial crime compliance.

The move is a step towards realising Nigeria's Payment System Vision 2020 (PSV2020), which calls for a "nationally utilised and internationally recognised" payments system by the end of this decade.

The CBN wants commercial banks to implement the service by January 2015, and has created a special committee, comprising 15 people from the

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