Regulatory Alerts2022-04-26 | FPR/DIR/PUB/CIR/001/042Guidance Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations for Other Financial Institutions
The Central Bank of Nigeria has issued a guidance note on anti-money laundering and combating the financing of terrorism (AML/CFT) regulations for other financial institutions (OFIs) to help them identify, assess, and mitigate money laundering and terrorist financing risks. The note covers customer due diligence, risk management, transaction reporting, and internal controls. OFIs must develop and administer an AML/CFT program that is appropriate for their size and complexity of operations, with senior management oversight and a designated compliance officer. They should also have policies and procedures for customer identification, verification, and monitoring, especially for high-risk customers like politically exposed persons. OFIs must report suspicious transactions and keep records for at least five years. Non-compliance will be penalized.