Regulatory Alerts2005-05-03 | TED-AD-52-2005KNOW YOUR CUSTOMERS MANUAL (KYCM) FOR BANKS AND OTHER FINANCIAL INSTITUTIONS IN NIGERIA- REPORTING OF SUSPICIOUS TRANSACTIONS TO ECONOMIC AND FINANCIAL CRIMES COMMISSION (EFCC)
To combat money laundering and economic crimes in Nigeria, financial institutions must adhere to the Money Laundering (Prohibition) Act, 2004 and the "Know Your Customer" (KYC) directives. Institutions must record and report all unusual or suspicious transactions to the Economic and Financial Crimes Commission (EFCC)/Nigeria Financial Intelligence Unit (NFIU). Non-compliance will result in penalties as stipulated by law.
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aml
kyc
enforcement
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