Regulatory Alerts2019-09-01
Added · Updated
Guidance Note on AML/CFT Risk-Based Approach for the Accounting Profession
Issued by Nigeria’s Special Control Unit against Money Laundering (SCUML), this guidance mandates accounting firms to adopt a risk-based approach for anti-money laundering and counter-terrorist financing compliance. Firms must systematically identify, assess, and mitigate money laundering risks by evaluating customer, geographic, product, and industry factors using a structured scoring model. The directive further requires accounting practices to embed robust internal control systems, designate compliance officers, and file suspicious transaction reports in accordance with Nigerian AML/CFT legislation.
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