From 2968755f7983a78bf9c0c1ccc8f8f309fea8a62f Mon Sep 17 00:00:00 2001 From: compass-admin Date: Thu, 23 Apr 2026 17:53:34 +0000 Subject: [PATCH] smoke-08: CBN-2026-CIR-061 sanctions screening obligation (2026-04-23T17:53:34.465503Z) --- examples/smoke-08.md | 21 +++++++++++++++++++++ 1 file changed, 21 insertions(+) create mode 100644 examples/smoke-08.md diff --git a/examples/smoke-08.md b/examples/smoke-08.md new file mode 100644 index 0000000..f4b322a --- /dev/null +++ b/examples/smoke-08.md @@ -0,0 +1,21 @@ +# CBN-2026-CIR-061 — Mandatory sanctions screening for cross-border retail remittances + +Regulator: Central Bank of Nigeria (CBN) +Circular reference: CBN-2026-CIR-061 +Jurisdiction: Nigeria +Effective date: 2026-05-01 +Applies to: All deposit money banks, payment service banks, and international money transfer operators (IMTOs) licensed by the CBN. + +## Obligation + +With effect from the stated effective date, all licensed institutions must perform real-time sanctions screening against the consolidated OFAC, UN, EU and UK sanctions lists for every inbound and outbound cross-border retail remittance exceeding USD 1,000 or naira equivalent. Institutions must retain screening evidence for a minimum of seven (7) years and produce it to the CBN on request within 48 hours. + +A match or suspected match must be reported to the Nigerian Financial Intelligence Unit (NFIU) within 24 hours using the standard STR format. + +## Scope + +This obligation applies to the UAE-to-Nigeria and EU-to-Nigeria payment corridors and supersedes the partial screening requirements set out in CBN-2024-CIR-029. + +## Penalties + +Failure to comply attracts a minimum administrative penalty of NGN 50,000,000 per breach, alongside possible suspension of the institution's cross-border remittance licence.