Regulatory Alerts2020-11-01
Framework for Effective Risk-Based Supervision of Designated Non-Financial Businesses and Professions in Nigeria
Nigerian regulatory authorities have issued this framework to establish a unified, risk-based supervision model for designated non-financial businesses and professions. The document mandates robust market entry controls, continuous on-site and off-site risk assessments, and coordinated enforcement actions across agencies like the NFIU and SCUML. It requires examiners to apply proportionate, dissuasive sanctions based on institutional risk profiles while ensuring consistent compliance with national and international AML/CFT standards.
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