Regulatory Alerts2019-09-01
Guidance Note on Risk-Based Approach for Car Dealers and Automobile Businesses
Issued by Nigeria’s Special Control Unit against Money Laundering (SCUML), this guidance mandates car dealers and automobile businesses to implement a comprehensive risk-based approach for anti-money laundering and counter-terrorist financing compliance. Designated non-financial institutions must conduct structured risk assessments, apply customer and transaction due diligence scaled to identified risks, and utilize a standardized scoring system ranging from one to five. The framework further requires dealers to embed robust internal controls, maintain senior management oversight, and file suspicious transaction reports directly to the National Financial Intelligence Unit.
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