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Nigeria's central bank issues two new money laundering policy documents

Monday, 26 June, 2023 - 07:43

On Friday 23 June, 2023 the Central Bank of Nigeria published on its website the following:

GUIDANCE NOTES ON POLITICALLY EXPOSED PERSONS
and
CENTRAL BANK OF NIGERIA (CUSTOMER DUE DILIGENCE) REGULATIONS, 2023

The documents were actually published before that date but while not confidential, they were not so widely available.

The Regulations are statutory. This is vitally important because the Regulations are to be substituted for, and expand, previous regulations. The existing Regulations are:
Money
Laundering (Prevention and Prohibition) Act (MLPPA), 2022, Terrorism
(Prevention and Prohibition) Act (TPPA), 2022, Central Bank of Nigeria
(Anti-Money Laundering, Combating the Financing of Terrorism and
Countering Proliferation Financing of Weapons of Mass Destruction in
Financial Institutions) Regulations, 2022 (CBN AML, CFT and CPF
Regulations)

Unfortunately, although, the 2023 Regulations were published in 30 May in the Official Gazette, we have not been able to find an in-force date and there is none in the covering letter when a copy was sent to all banks, etc., by the Central Bank of Nigeria.

Nigeria divides PEPs into several classes and including domestic, foreign and international organisations. It is clearly heavily influence by inter-governmental bodies and industry groups.

Main website: https://www.cbn.gov.ng/

PEPs: https://www.cbn.gov.ng/Out/2023/CCD/Approved%20PEP%20Guidance%20May%202…
Regulations: https://www.cbn.gov.ng/Out/2023/CCD/CBN%20Customer%20Due%20diligence%20…

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