Regulatory Alerts2021-12-14
CBN (Administrative Sanctions) Regulations, 2018 Download
The Central Bank of Nigeria (CBN) has issued new Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations, 2018. These regulations, effective February 1, 2018, provide an administrative sanctions regime for financial institutions under the CBN's supervisory purview. They specify offenses related to corporate governance, risk management, customer due diligence, record maintenance, and suspicious transaction reporting. The regulations outline penalties for non-compliance, including monetary fines and potential removal of board members or officers.