Regulatory Alerts2012-04-27 | FPR/DIR/CIR/AML/CFT/01/001Anti-Money Laundering/Combating The Financing Of Terrorism (AML/CFT) Risk-Based Supervision (RBS) Framework
On the 6th of December, 2011, the Federal Republic of Nigeria published an official notice in their Official Gazette volume 98. This notice contained two significant updates on Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) efforts. Firstly, a new Risk-Based Supervision (RBS) Framework was introduced to supplement the AML/CFT Regulation No. 79 of 2009. This framework involved guidelines for bank examiners' procedures and instructions on operational practices within financial institutions under the purview of the Central Bank of Nigeria (CBN). Secondly, the CBN amended sections 1.15.2, 1.18.3, and 1.18.1.2 within the Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) Regulation, 2009 to conform to provisions from Nigeria's Money Laundering (Prohibition) Act, 2011 and its Terrorism (Prevention) Act, 2011. These actions were taken by the CBN using powers granted under Sections 57 and 65 of the Banks and Other Financial Institutions Act in an attempt to improve Nigeria's efforts in combating money laundering and terrorist financing activities within its financial system.
Extraordinary
Federal Republic Of Nigeria Official Gazette No. 120 Lagos - 6Th December, 2011 Vol. 98
Government Notice No. 270 The following are published as supplement to this Gazette : S.I. No. Short Title Page 43 Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Risk-based Supervision (RBS) Framework .. B 1173 44 Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Regulation, 2009 (as amended) .. .. B 1175
B 1171 Printed and Published by The Federal Government Printer, Lagos, Nigeria FGP 19/42012/650 (OL 111) Annual Subscription from 1st January, 2012 is Local : N25,000.00 Overseas : N37,500.00 [Surface Mail] N49,500.00 [Second Class Air Mail]. Present issue N1,000 per copy. Subscribers who wish to obtain Gazette after 1st January should apply to the Federal Government Printer, Lagos for amended Subscriptions.
B 1173 S. I. 43 Of 2011
Anti-Money Laundering/Combating The Financing Of Terrorism (Aml/Cft) Risk-Based Supervision (Rbs) Framework
[1st Day of December, 2011] Commencement.
In order to complement the Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) Regulation No. 79 of 2009 (as amended) and in the exercise of the powers vested in the CENTRAL BANK OF NIGERIA (the CBN) under Sections 57 and 65 of the Banks and Other Financial Institutions Act, Cap. B3 Laws of the Federation of Nigeria 2004 to make regulations and compound offences respectively, the CBN hereby issues the AML/CFT RBS Framework, 2011 (attached) which consists of AML/CFT RBS Manual for Bank Examiners' Procedures and AML/CFT Operations in Financial Institutions and the supervisory purview of the CBN.
MADE in Abuja this 1st Day of December, 2011.
MALLAM SANUSI LAMIDO SANUSI Governor, Central Bank of Nigeria
B 1175
S. I. 44 Of 2011 Anti-Money Laundering/Combating The Financing Of Terrorism (Aml/Cft) Regulation, 2009 (As Amended)
[1st Day of December, 2011] Commencement.
Subsequent to the issuance of the Regulation on the Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) Regulation No. 79 of 2009 and in the exercise of the powers vested in the CENTRAL BANK OF NIGERIA (the CBN) under Sections 57 and 65 of the Banks and Other Financial Institutions Act, Cap. B3 Laws of the Federation of Nigeria 2004 to make regulations and compound offences respectively, the Bank hereby amends sections 1.15.2, 1.18.3 and 1.18.1.2 of the Regulation under reference to comply with sections 6(2)(c), 10(1) and 2(1) of Money Laundering (Prohibition) Act (MLPA) 2011, and section 14 of Terrorism (Prevention) Act, 2011 as contained in the Circular attached.
MADE in Abuja this 1st Day of December, 2011.
MALLAM SANUSI LAMIDO SANUSI Governor, Central Bank of Nigeria