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LequteMan
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Nigeria- Deposit money banks and merchant banks in the country have been directed by the Central Bank of Nigeria to subscribe to SWIFT Sanction Screening Service by December 1, 2014 and implement same before January 31, 2015. DAILY INDEPENDENT reports.
In a circular dated November 19, 2014 and signed by CBN Director, Banking and Payment System Department, Dipo Fatokun, the CBN also mandated banks to assign a project manager for the SWIFT sanction screening service project and forward the contact details of such to the Director, Banking and Payment System Department of the CBN on or before November 24, 2014.
Beside, the banks were directed to nominate three staff, inclusive of the project manager, to be trained on the SWIFT sanction screening service project.
CBN says the measure was to strengthen the national payment structure and ensure compliance with global best practices.
Sanctions Screening is a shared service that screens financial transactions against selected lists, providing small and medium-sized institutions with a reliable, cost-effective means of testing their compliance with sanctions regulations.
Since its launch in 2012, SWIFT’s Sanctions Screening service has been rapidly adopted in over 90 countries, with more than 250 customers including 15 central banks such as the central banks of Angola, Ghana and Sierra Leone.
#SWIFT #CBN #Nigeria
In a circular dated November 19, 2014 and signed by CBN Director, Banking and Payment System Department, Dipo Fatokun, the CBN also mandated banks to assign a project manager for the SWIFT sanction screening service project and forward the contact details of such to the Director, Banking and Payment System Department of the CBN on or before November 24, 2014.
Beside, the banks were directed to nominate three staff, inclusive of the project manager, to be trained on the SWIFT sanction screening service project.
CBN says the measure was to strengthen the national payment structure and ensure compliance with global best practices.
Sanctions Screening is a shared service that screens financial transactions against selected lists, providing small and medium-sized institutions with a reliable, cost-effective means of testing their compliance with sanctions regulations.
Since its launch in 2012, SWIFT’s Sanctions Screening service has been rapidly adopted in over 90 countries, with more than 250 customers including 15 central banks such as the central banks of Angola, Ghana and Sierra Leone.
#SWIFT #CBN #Nigeria
