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The Central Bank of Nigeria (CBN) has released the Guidelines for Licensing of Banks and Other Financial Institutions on Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction (the “Guidelines”).
The Central Bank of Nigeria (CBN) has released the Guidelines for Licensing of Banks and Other Financial Institutions on Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction (the “Guidelines”). The Guidelines were released via a circular FPR/DIR/GEN/CIR/001/061 directed at Banks and Other Financial Institutions (OFIs) and their promoters under the regulatory purview of the CBN. The Guidelines prescribe the minimum AML/CFT/CPF requirements for licensing of new financial institutions.
The objectives of the Guidelines are:
i. To guide promoters in complying with AML/CFT/CPF requirements in their licensing applications
ii. To ensure proceeds of crime are not used in the establishment of financial institutions,
iii. To ensure verifiable identification of beneficial owners of the financial institution,
iv. To ensure that financial institutions are not in control of criminals, and
v. To ensure that preventive measures are put in place against money laundering (ML), terrorism financing (TF), and proliferation financing (PF).
Important Notice: The information contained in this Article is intended for general information purposes only and does not create a lawyer-client relationship. It is not intended as legal advice from Jackson, Etti, & Edu (JEE) or the individual author(s), nor intended as a substitute for legal advice on any specific subject matter. Detailed legal counsel should be sought prior to undertaking any legal matter. The information contained in this Article is current to the last update and may change. Last Update: October 1, 2024.
