By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Thursday directed banks and merchant Bank to subscribe to and implement the SWIFTSanction Screening Service (SSS) on or before January 31, 2015.

This is contained in a circular with reference number BPS/DIR/GEN/CIR/01/014 dated November 19, 2014 and signed by Dipo Fatokun, director, banking and payment system department.

Part of the circular reads thus: ‘’ In furtherance of the efforts of the Central Bank of Nigeria (CBN) to strengthen the National Payments Infrastructure and ensure compliance with global best practices; an information session was organised by the CBN, in collaboration with SWIFT, on the September 11, 2014, to highlight the SWIFT Sanction Screening Service (SSS) and its objectives, and improve the transparency of international payments at the point of origination,’’ it said.

Other directives the CBN gave include all banks/merchant banks assigning a project manager for SWIFT SSS and forward the contact details to its director, banking and payment system department on or before the November 24, 2014.   

Also, the apex bank said operators should nominate three (3) staff, inclusive of the project manager, to be trained on SWIFT SSS project.