Regulatory Alerts2019-09-01
Guidance Note on AML/CFT Risk-Based Approach for Non-Profit Organizations
Issued by Nigeria’s Special Control Unit against Money Laundering (SCUML), this guidance mandates Non-Profit Organizations to implement a risk-based approach for anti-money laundering and counter-terrorist financing compliance. The framework requires entities to conduct ongoing risk assessments across customer, geographic, product, and industry dimensions, applying proportional due diligence and standardized risk scoring to allocate resources effectively. Furthermore, it establishes clear protocols for suspicious transaction reporting and strengthens internal control systems through mandatory staff training, senior management oversight, and periodic policy reviews.
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