Regulatory Alerts2025-04-01
Sectoral Risk Assessment for Trust and Company Service Providers in Nigeria
Issued by the Special Control Unit Against Money Laundering under Nigeria’s Economic and Financial Crimes Commission, this assessment evaluates the money laundering, terrorist financing, and proliferation financing risks facing Trust and Company Service Providers (TCSPs). The report classifies the sector’s residual risk as moderate, driven by complex ownership structures and regulatory gaps but offset by strong customer due diligence and enforcement mechanisms. To mitigate vulnerabilities, it mandates enhanced risk-based supervision, stricter beneficial ownership transparency, targeted capacity building, and strengthened inter-agency collaboration to align TCSP compliance with international standards.
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