Regulatory Alerts2019-11-20
CBN (AML CFT) (Amendment) Regulation, 2019 Download
The Federal Republic of Nigeria has issued an amendment to the Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013. These amendments, issued on October 7, 2019, address various aspects of financial regulation, including customer due diligence (CDD), wire transfers, and reporting requirements. The aim of these changes is to strengthen the existing framework for combating money laundering and terrorism financing within the Nigerian banking and financial sector. These changes are important for financial institutions, as they need to make sure they adhere to new regulations to avoid the sanctions.