Regulatory Alerts2024-12-16
guidelines For The Identification, Verification And Reporting Of Suspicious Transactions Related To Money Laundering, Financing Of Terrorism And Proliferation Of Weapons Of Mass Destruction (ml/tf/pf) For Financial Institutions
The Nigerian Financial Intelligence Unit (NFIU) has issued updated guidelines for financial institutions to identify, verify, and report suspicious transactions related to money laundering, terrorism financing, and proliferation of weapons of mass destruction. These guidelines, effective December 13, 2024, are designed to help financial institutions enhance their control measures and ensure compliance with relevant laws. The document outlines the responsibilities of financial institutions in preventing financial crimes and specifies potential sanctions for non-compliance. It includes definitions of key terms and outlines the process for identifying and reporting suspicious transactions to the NFIU.