Regulatory Alerts2023-12-11 | FPR/DIR/PUB/CIR/002/002Additional 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.
FPR/DIR/PUB/CIR/002/002 December 08, 2023 CIRCULAR TO BANKS AND OTHER FINANCIAL INSTITUTIONS ADDITIONAL KNOW YOUR CUSTOMER (KYC) REQUIREMENT IN RESPECT OF NON-PROFIT ORGANIZATIONS (NPOs) In line with the requirements of extant AML/CFT/CPF Laws and Regulations and our circular dated 2ªª August, 2012 (Ref: FPR/CIR/GEN/VOL.1/028), financial institutions are required to continue to obtain from Non-Profit Organizations (NPOs), evidence of registration with the Special Control Unit against Money Laundering (SCUML) of the Economic and Financial Crimes Commission (EFCC) before establishing business relationship with them.
Consequently, all banks and other financial institutions are hereby required to ensure strict compliance with the above requirement and update their customer account information accordingly.
HARUNA B. MUSTAFA DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT