Regulatory Alerts2024-11-01
Economic and Financial Crimes Commission (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing) Regulations for Designated Non-Financial Businesses and Professions, 2024
The Attorney-General of the Federation, acting through the Economic and Financial Crimes Commission, has issued regulations mandating Designated Non-Financial Businesses and Professions (DNFBPs) to register with the Special Control Unit against Money Laundering (SCUML) and implement comprehensive anti-money laundering, counter-terrorist financing, and countering proliferation financing programs. These rules require DNFBPs to conduct risk-based customer due diligence, appoint dedicated compliance officers, maintain accurate records, and submit suspicious, currency, and cash-based transaction reports to relevant authorities. The regulations establish clear administrative sanctions for non-compliance and extend these obligations to existing and new businesses, including those operating in free trade zones or foreign jurisdictions with equivalent AML/CFT measures.