Regulatory Alerts2019-09-01
Guidance Note on AML/CFT Risk-Based Approach for Dealers in Jewelleries, Precious Metals and Stones
The Special Control Unit against Money Laundering (SCUML) mandates a risk-based approach for Designated Non-Financial Institutions, specifically dealers in jewelleries, precious metals, and stones, to align with Nigeria’s 2016 National Risk Assessment. The guidance requires these entities to conduct structured risk profiling using modified customer, geographic, product, and industry variables while applying tiered due diligence measures proportional to calculated numerical risk scores. Dealers must subsequently embed these protocols into robust internal control systems and file Suspicious Transaction Reports to effectively mitigate money laundering and terrorist financing vulnerabilities.
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