Regulatory Alerts2024-01-01
Adoption of the Politically Exposed Persons Reporting Template by Designated Non-Financial Businesses and Professions
The Economic and Financial Crimes Commission’s Special Control Unit Against Money Laundering (SCUML) mandates all Designated Non-Financial Businesses and Professions to immediately adopt a standardized Politically Exposed Persons (PEP) reporting template. This directive requires DNFBPs to file monthly reports detailing transactions conducted for or on behalf of PEPs, utilizing the newly issued template and accompanying explanatory notes. Organizations with no qualifying transactions must submit a "NIL REPORT" by entering zeros in all required fields, ensuring full compliance with the 2022 Anti-Money Laundering Regulations.
ECONOMIC AND FINANCIAL CRIMES COMMISSION
SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING
Head Office: No. 5 Fomella Street, Off Adetokunbo Ademola Crescent Wuse II, Abuja Tel: 0818 3754 112, 0818 6886 219 Email: info@scuml.org
EFCC/SCUML/CE/TA/VOL.1/046
29th January, 2024
CIRCULAR TO ALL DESIGNATED NON FINANCIAL BUSINESES AND PROFESSIONS (DNFBPs)
Adoption of the Politically Exposed Persons Reporting Template by Designated Non-Financial Business and Professions (DNFBPs)
In line with provisions of the section 38(1)b of the Economic and Financial Crimes Commission (Anti- Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Business of weapons of Mass Destruction for Designated Non- Financial Business and Professions, and Other Related Matters) Regulation 2022, DNFBPs are required to file reports on transactions conducted for and on behalf of Politically Exposed Persons (PEP) on a monthly basis. Consequently, SCUML has developed a Politically Exposed Persons Report template to be used by DNFBPs for this purpose.
By this circular, all DNFBPs are required to adopt the reporting template and file reports on transactions conducted for and on behalf of politically exposed persons on a monthly basis.
Where a DNFBP has not identified any transaction conducted for and on behalf of politically exposed persons within a month, it shall file a "NILL REPORT" on the same template by filing a "NILL" in all the required fields and date the reporting period appropriately.
The PEP reporting template and its accompanying explanatory notes are available for download on SCUML website: www.SCUML.org
All DNFBPs are required to comply with the requirements of this circular with immediate effect.
(Signature)
CE Daniel Isei, fsi, Director, SCUML