Pursuant to the provisions of the Money Laundering (Prevention and Prohibition) Act 2022 and the Central Bank of Nigeria (CBN) AML/CFT/CPF Regulations, 2022, the CBN Customer Due Diligence Regulations, 2023 is hereby issued to assist financial institutions with implementation and compliance with provisions of relevant laws and regulations relating to customer due diligence.
Consequently, all banks and other financial institutions are directed to note for immediate compliance.
Also, the Central Bank of Nigeria (CBN) AML/CFT/CPF Regulations 2022 requires banks and other financial institutions to amongst others, establish measures for mitigating potential money laundering, terrorism financing and proliferation financing (ML/TF/PF) risks posed by high-risk customers, including Politically Exposed Persons (PEPs).
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In furtherance of the required measures, the CBN has developed a guidance note on politically exposed persons for banks and other financial institutions to assist the financial institutions in the assessment as well as mitigation of ML/TF/PF risks associated with business relationship with PEPs.
Consequently, the Guidance Note is hereby released for immediate compliance by all financial institutions
