Regulatory Alerts2020-03-01
Added · Updated
Federal Ministry of Industry, Trade and Investment (Designation of Non-Financial Institutions and Other Related Matters) Regulations, 2016
The Federal Ministry of Industry, Trade and Investment designates pool betting and lottery businesses, including fixed odds, pari-mutuel, sports lottery, scratch card gaming, and other gaming forms, as Designated Non-Financial Institutions. These entities are required to comply with registration, reporting, and customer due diligence obligations under the Money Laundering (Prohibition) Act, 2011. The 2013 Regulations are amended to insert these categories into the list of designated institutions and to update the definition of Designated Non-Financial Institution to explicitly include them.