Anti-Money Laundering/Counter Terrorism Financing Regulation
(enacted in 2009)
Anti-Money Laundering/Counter Terrorism Financing Regulation, issued by the Central Bank of Nigeria in 2009 and made operational in 2010, provides measures for financial institutions to prevent money laundering and the financing of terrorism.
The regulation is divided into two parts:
- Part A AML/CFT Directives covers the following topics, among others:
- Compliance officer designation and duties;
- Requirement to cooperative with supervisory authorities;
- Customer due diligence, including with respect to new technologies;
- Monitoring and responding to suspicious transactions;
- Reporting requirements;
- Record keeping; and
- AML/CFT employee training program.
- Part B Guidance on Know Your Customer covers the following topics, among others:
- Identification and evidence requirements;
- Establishing identity;
- Corporate customers; and
- Intermediaries verifying identity.