2023-12-11 | FPR/DIR/PUB/CIR/002/002

Additional Know Your Customer Requirement in Respect of Non-Profit Organizations

The circular, issued by the Financial Policy and Regulation Department, reminds financial institutions of the requirement to obtain evidence of registration with the Special Control Unit against Money Laundering (SCUML) from Non-Profit Organizations (NPOs) before establishing business relationships with them. This is in line with existing anti-money laundering and counter-terrorism financing laws and regulations. Banks and other financial institutions are instructed to ensure compliance and update their customer account information accordingly.

Nigeria

Central Bank of Nigeria

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