Regulatory Alerts2023-08-01
Guidance Note on Politically Exposed Person Due Diligence for Designated Non-Financial Businesses and Professions (DNFBPs)
Issued by Nigeria’s Special Control Unit against Money Laundering, this guidance mandates Designated Non-Financial Businesses and Professions (DNFBPs) to implement risk-based customer due diligence for Politically Exposed Persons (PEPs). The document classifies foreign PEPs as high-risk requiring enhanced due diligence and senior management approval, while domestic and international organization PEPs undergo tiered risk assessments to determine appropriate monitoring levels. DNFBPs must verify sources of funds and wealth, conduct ongoing transaction monitoring, and file monthly reports with SCUML for all PEP transactions exceeding one hundred million Naira to effectively mitigate money laundering and terrorist financing risks.
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