2023-06-22 | FPR/DIR/PUB/CIR/007/075

Guidance Note on Politically Exposed Persons (PEP)

The Central Bank of Nigeria (CBN) issues a guidance note to financial institutions on identifying and managing risks associated with Politically Exposed Persons (PEPs). The note outlines customer identification, verification, and due diligence procedures, emphasizing enhanced due diligence for PEPs and their associates. It also provides a risk management framework, including screening, risk assessment, and monitoring, with specific considerations for domestic and international PEPs. Compliance is mandatory for financial institutions under CBN's regulatory purview.

Nigeria

Central Bank of Nigeria

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