Additional Know Your Customer (KYC) Requirement in respect of Designated Non-Financial Businesses and Professions (DNFBPs)

CENTRAL BANK OF NIGERIA
Financial Policy & Regulation Department Central Business District P.M.B. 0187 Garki, Abuja.

Tel 09-46237409 E-mail: fprd@cbn.gov.ng 25th February, 2013 FPR/DIR/GEN/CIR/03/001 CIRCULAR TO ALL BANKS AND OTHER FINANCIAL INSTITUTIONS ADDITIONAL KNOW YOUR CUSTOMER (KYC) REQUIREMENT IN RESPECT OF DESIGNATED NON-FINANCIAL BUSINESSES AND PROFESSIONS (DNFBPs) Recall that the CBN issued a Circular dated 2nd August, 2012 referenced FPR/CIR/GEN/VOL.1/028 to all banks and other financial institutions (OFIs) on the above subject. The circular directed that DNFBPs that are existing financial institutions' customers to update their account information with evidence of registration (e.g. certificate of registration showing registration number) with the Special Control Unit Against Money Laundering (SCUML), within six (6) months from the date of the circular.

However, following representations made by some stakeholders for an extension of the deadline, the Central Bank of Nigeria Bank of Nigeria (CBN) hereby extends the deadline by three (3) months from 155 February, 2013 to 30th April, 2013. For avoidance of doubt, DNFBPs that have not registered with SCUML may do so and update their bank accounts information with such evidence on or before 30th April, 2013, failing which they would not be allowed to operate such accounts until they comply.

NWAOHA,
Ag. DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT