Regulatory Alerts2019-08-01
AML/CFT Compliance Guidelines for Designated Non-Financial Institutions
The Special Control Unit against Money Laundering (SCUML) requires Nigerian Designated Non-Financial Institutions to register online and submit transaction reports above specified thresholds under the Money Laundering (Prohibition) Act 2011. The guideline mandates electronic filing of Currency, Cash Based, and Suspicious Transaction Reports while restricting direct cash payments exceeding statutory limits to prevent money laundering and terrorist financing. Non-compliant businesses face license suspension or fines enforced by the Economic and Financial Crimes Commission, though registration remains free and is typically completed within seven working days.
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