Regulatory Alerts2019-01-01
Added · Updated
Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) (Amendment) Regulations, 2019
These regulations amend the 2013 AML/CFT framework to incorporate proliferation financing, update compliance officer titles to Executive and Chief Compliance Officers, and mandate enhanced due diligence for high-risk categories including legislators. They impose strict requirements on wire transfers, requiring originator and beneficiary identity verification for transactions of USD 1,000 or more, and mandate freezing actions against designated terrorist entities. The amendments introduce tiered KYC standards to deepen financial inclusion while requiring additional monitoring for such accounts, and expand corporate identity verification to include Bank Verification Numbers and Tax Identification Numbers.