Regulatory Alerts2013-07-11 | FPR/DIR/GEN/ADM/01/004Proposed Visit of the International Cooperation Review Group (ICRG) of the Financial Action Task Force (FATF) to Nigeria in September, 2013
The Federal Republic of Nigeria's Financial Policy and Regulation Department notified banks and other financial institutions of an upcoming on-site visit by the International Cooperation Review Group (ICRG) of the Financial Action Task Force (FATF). The purpose is to confirm if Nigeria is successfully implementing reforms and actions to address previously identified deficiencies in its anti-money laundering/combating the financing of terrorism (AML/CFT) regime. A favorable report from this visit can assist in exiting FATF's grey list, which lists countries not making significant progress in their AML/CFT regimes. Banks and other financial institutions are urged to prepare adequately for the inspection by ensuring compliance with customer identification, verification requirements, and customer due diligence (CDD) practices, among others.