Regulatory Alerts2022-11-01
Guidance Note on Beneficial Ownership Identification and Verification for Designated Non-Financial Business and Professions
Nigerian regulators issued this guidance to operationalize the Money Laundering (Prevention & Prohibition) Act 2022, mandating Designated Non-Financial Businesses and Professions (DNFBPs) to identify and verify beneficial owners of legal persons and arrangements. DNFBPs must determine natural persons holding five percent or more ownership or control, apply enhanced due diligence to high-risk entities like private limited companies and business names, and document clear policies for ongoing verification. The framework mandates rigorous risk assessments, third-party intermediary compliance, and administrative penalties for non-compliance to prevent money laundering and terrorist financing.
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