2022-11-25 | FPR/DIR/GEN/CIR/001/061

Guidelines for Licensing of Banks and Other Financial Institutions in Nigeria on Anti-Money Laundering Combatting the Financing of...

The Central Bank of Nigeria (CBN) issues guidelines for licensing banks and other financial institutions, emphasizing anti-money laundering, combating terrorism financing, and countering proliferation financing of weapons of mass destruction. The guidelines ensure that promoters of financial institutions comply with AML/CFT/CPF requirements, verify beneficial ownership, and implement measures to mitigate risks. Applicants must submit a Beneficial Owners Declaration Form, demonstrate customer and transaction screening capabilities, and establish policies for AML/CFT/CPF compliance.

Nigeria

Central Bank of Nigeria

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