Regulatory Alerts2020-09-01
Federal Ministry of Industry Trade and Investment Designation of Non-Financial Institutions Regulations 2013
Issued by Nigeria’s Federal Ministry of Industry, Trade and Investment through the Special Control Unit against Money Laundering (SCUML), these 2013 regulations formally designate diverse non-financial businesses and professions—including jewelers, real estate agents, legal practitioners, accountants, casinos, and NGOs—as subject to anti-money laundering oversight. The rules mandate these entities to implement risk-based AML/CFT programmes, appoint compliance officers, execute rigorous customer due diligence, and maintain structured internal controls and employee training. Additionally, designated institutions must file Suspicious Transaction Reports to the Nigerian Financial Intelligence Unit and Cash-Based Transaction Reports to SCUML, with failure to register or comply triggering administrative sanctions including licence suspension.