2009-03-20 | BSD/DIR/GEN/AML/03/009/1

Reminder to Address Anti-Money Laundering/Combating Financing of Terrorism Issues- Circular to all Banks and Other Financial Institutions.

This CBN circular from March 19, 2009 reminds Nigerian banks and financial institutions of the need to strictly adhere to the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Guidelines. The reminder highlights several critical aspects such as conducting enhanced due diligence, applying proper due diligence on third parties, preserving information, maintaining operational independence for Chief Compliance Officers (CCOs), and ensuring that Bureau De Change (BDCs) follow the required CDD measures. It emphasizes that financial institutions must not rely on agents to carry out their AML/CFT responsibilities but instead ensure they maintain evidence of compliance with the CBN AML/CFT Compliance Manual.

Nigeria

Central Bank of Nigeria

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