Monday, 13 August 2012

CBN orders banks, others to register with EFCC

The Central Bank of Nigeria has
ordered banks and other
financial institutions to register
with the Special Control Unit
against Money Laundering, a
department of the Economic and
Financial Crimes Commission.
The measure, the bank said, was
to ensure compliance with anti-
money laundering regulations by
Designated Non-Financial
This was contained in a directive
issued by the Director of
Financial Policy and Regulation
Department, CBN, Mr. Chris
Under the new arrangement, all
financial institutions must
register with the SCUML in line
with the know-your-customer
requirement for opening
accounts for the DNFIs.
The directive entitled: ‘Additional
know your customer
requirement in respect of
designated non-financial
businesses and professions,’
with reference number: FPR/CIR/
GEN/VOL.1.028 and dated August
2, 2012, was obtained by
journalists in Abuja on Monday.
The directive mandates all
financial institutions, prior to
establishing business
relationships with the DNFIs, to
obtain evidence of registration
with SCUML and takes effect from
August 2.
It also mandates all Designated
Non-Financial Businesses and
Professionals, who are existing
financial institutions customers,
to update their records within
six months from the date of the
In her reaction to the
development, the Head, SCUML,
EFCC, Ms Angela Nworgu, said the
CBN directive would complement
efforts to implement Nigeria’s
Anti-Money Laundering and
Combating the Financing of
Terrorism Act as “it will
automatically translate into more
registrations and supervisory
work to ensure compliance with
the law.”
She, therefore, called on all DNFIs
and financial institutions
nationwide to ensure strict
compliance as non-compliance
would attract appropriate

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