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smoke-08: CBN-2026-CIR-061 sanctions screening obligation (2026-04-23T17:53:34.465503Z)
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# 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.