Regulatory Alerts2023-01-01
Clarification on Identification and Verification of Beneficial Ownership Information for DNFBPs
The Special Control Unit against Money Laundering (SCUML) directs Designated Non-Financial Businesses and Professions (DNFBPs) to identify and verify beneficial ownership information in compliance with the Money Laundering Act 2022. DNFBPs must flag discrepancies between customer-provided data and the Corporate Affairs Commission’s Public Beneficial Ownership Register, utilizing the official CAC search portal to verify persons with significant control. Upon detecting such inconsistencies, DNFBPs are mandated to immediately submit Suspicious Activity Reports to the National Financial Intelligence Unit (NFIU) and ensure full compliance effective immediately.
ECONOMIC AND FINANCIAL CRIMES COMMISSION
SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING
Head Office: No. 5 Fomella Street, Off Adetokunbo Ademola Crescent Wuse II, Abuja Tel: 0818 3754 112, 0818 6886 219 Email: info@scuml.org
EFCC/SCUML/331/VOL.1/009
9th January, 2023
CIRCULAR TO ALL DESIGNATED NON FINANCIAL BUSINESSES AND PROFESSIONS (DNFBPs).
CLARIFICATION ON IDENTIFICATION AND VERIFICATION OF BENEFICIAL OWNERSHIP INFORMATION
In line with section 4(c&d) of the Money Laundering (Prevention and Prohibition) Act, 2022, Designated Non Financial Businesses and Professions (DNFBPs) are required to identify the beneficial owner using relevant information or data obtained from a reliable source such that the DNFBP is satisfied that it knows who the beneficial owner is, and take reasonable measures to verify that any person purporting to act on behalf of the customer is so authorised, identified and verify the identity of that person.
SCUML attention has however been drawn to the fact that DNFBPs sometimes encounter inconsistencies between the information provided by the customers and the one obtained from the Public Beneficial Ownership Register maintained by the Corporate Affairs Commission (C.A.C)
Consequently, DNFBPs are by this circular directed to henceforth flag any inconsistencies noted between the information provided by customers and that of the Public Beneficial Ownership Registry and render Suspicious Activity Reports to the NFIU, immediately.
To assess the beneficial ownership information held by the Corporate Affairs Commission, DNFBPs are enjoined to visit https://search.cac.gov.ng/, to search the subject of their enquiry (the legal person they are transacting with) then click on "View Persons with Significant Control of this Company" to verify the beneficial ownership information.
All DNFBPs are required to comply with the provisions of this circular with immediate effect.
Thank you.
(Signature)
Dan Isei, Fsi Director, Special Control Unit against Money Laundering