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.

09-46237404
Tel: ...........................
E-mail: fprd@cbn.gov.ng
2nd August, 2012

FPR/CIR/GEN/VOL.1/028

CIRCULAR TO ALL BANKS AND OTHER FINANCIAL INSTITUTIONS

ADDITIONAL KNOW YOUR CUSTOMER (KYC) REQUIREMENT IN RESPECT OF DESIGNATED NON-FINANCIAL BUSINESSES AND PROFESSIONS (DNFBPs)

Further to our circular dated 11th January, 2012 referenced FPR/DIR/CIR/GEN/01/025, financial institutions are required, prior to establishing business relationships with designated non-financial businesses and professions (DNFBPs), to obtain evidence of registration (e.g. certificate of registration showing registration number) with the Special Control Unit on Money Laundering (SCUML) of Federal Ministry of Trades & Investments. DNFBPs refer to dealers in jewelry, precious metals and stones, cars and luxury goods, audit firms, tax consultants, clearing and settlement companies, lawyers, notaries, other independent legal practitioners and chartered accountants, trust and company service providers (who provide services to third parties), hotels, casinos (including internet and ship-based casinos), supermarkets, real estate agents, non-governmental organizations (NGOs), religious and charitable organizations or such other businesses and professions as the Federal Ministry of Trades and Investments or appropriate regulatory authorities may, from time to time, designate.

The above designated non-financial businesses and professions (DNFBPs) customers include sole practitioners, partners and employed professionals within professional firms. They do not refer to "internal" professionals that are employees of other types of businesses nor to professionals working for government agencies who may already be subject to AML/CFT measures.

DNFBPs who are existing financial institutions' customers are requested to update their account information with the above evidence within six (6) months from the date of this circular.

All banks and other financial institutions are, therefore, by this circular required to comply with the above requirements.

[Signature]

CHRIS O. CHUKWU
DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT