Mo Bammeke

Since Nigeria was grey-listed in 2023, I’ve made it a point to mention that fact in every compliance training I conduct, as a reminder of where we are and why we do what we do. Great thing that the next AML compliance training starts with great news: Nigeria has been removed from the FATF grey list. But beyond the headline, this milestone means much more. It’s a signal that the country has made demonstrable progress in strengthening its AML/CFT framework, improving coordination, supervision, enforcement, and international cooperation. It reminds me too that that sustained effort works 😊 This is a personal lesson, because the combined efforts in compliance usually are unseen, till they are SEEN. Every suspicious transaction report filed, every risk assessment reviewed, every policy updated — all of it matters. Coming off the grey list is not the end of the journey; it’s the beginning of a higher standard. For me, this moment is a reminder to reinforce why compliance exists, not as a box-ticking exercise, but as a collective effort to protect the integrity of our financial system.

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The Central Bank of Nigeria (CBN) has issued a strong reminder to banks, payment service banks, and fintech companies on the need to reinforce their sanctions compliance frameworks or risk regulatory sanctions. In a letter dated April 17, 2025, and signed by Amonia Opusunju for the Director of the Compliance Department, the CBN directed all financial institutions to ensure strict adherence to sanctions lists maintained at both international and national levels. These include the United Nations Consolidated Sanctions List, the Nigerian Sanctions List in line with the Terrorism (Prevention and Prohibition) Act 2022, and guidelines on targeted financial sanctions related to terrorism and its financing. According to the apex bank, financial institutions are expected to regularly update their systems to identify designated persons or entities and prevent the misuse of financial platforms to facilitate illegal transactions. “Financial Institutions are required to maintain a robust and dynamic sanctions compliance framework that enables them to Identify and respond promptly to updates or changes across all applicable sanctions lists; Prevent the use of their systems and platforms for transactions involving designated individuals or entities; Conduct real-time screening of customers, transactions, and beneficial owners; and File appropriate reports with the Nigerian Financial Intelligence Unit (NFIU) and notify the CBN, where necessary,” the letter read. The CBN’s directive also covers real-time screening of customers, transactions, and beneficial owners. Where necessary, institutions are to report suspicious activities to the Nigerian Financial Intelligence Unit (NFIU) and notify the apex bank. READ MORE: https://lnkd.in/d3QWiWQH

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𝗥𝗲𝗳𝗹𝗲𝗰𝘁𝗶𝗼𝗻𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗡𝗙𝗜𝗨 & 𝗦𝗘𝗖 𝗔𝗠𝗟/𝗖𝗙𝗧/𝗖𝗣𝗙 𝗪𝗼𝗿𝗸𝘀𝗵𝗼𝗽 Last week, I had the privilege of representing Prestmit at the 3-day workshop on Building Effective AML/CFT/CPF Frameworks in Nigeria’s VASP and FinTech Ecosystem, convened by the Nigerian Financial Intelligence Unit (NFIU), in partnership with the Securities and Exchange Commission, Nigeria, CDD, and the MacArthur Foundation. It was nothing short of a transformative experience. What struck me most was not just the depth of expertise and knowledge shared, but the professionalism, hospitality, and collaborative spirit of the NFIU Emerging Tech Department and the SEC teams. In a public sector space where the norm is often one-way communication, this was refreshingly different. They didn’t just speak at us, they listened to us. As operators, we had the opportunity to openly highlight our realities: ✔️ The speed and complexity of crypto transactions. ✔️ Reporting challenges and systemic gaps. ✔️ The urgent need for clear guidelines on transaction monitoring and compliance tools. In response, regulators showed readiness not only to enforce but also to co-create solutions with industry players. From Travel Rule obligations to GoAML reporting, the emphasis was clear: Nigeria’s regulatory framework is evolving, and it demands active collaboration from operators like us. For Prestmit, this was more than just another compliance event. It reinforced our belief that compliance is not a checkbox, but a culture. Being part of these conversations ensures we are shaping — not just observing — the future of Nigeria’s digital assets industry. On a personal note, this experience has made me even more committed to bridging the gap between regulation and innovation. The energy in the room, the shared purpose, and the clarity of vision left me hopeful about the future of this space. A big thank you to the teams at NFIU and SEC for setting a new benchmark of professionalism and openness. This is how sustainable ecosystems are built. 

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