The relentless campaign by the Special Control Unit against Money Laundering for compliance with anti-money laundering regulations by Designated Non-Financial Institutions has received a boost with a directive by the Central Bank of Nigeria , making registration with SCUML a key Know Your Customer requirement for opening accounts for DNFIs in financial institutions.
The directive contained in a circular referenced FPR/CIR/GEN/VOL.1.028
dated 2nd of August, 2012 and titled "Additional Know Your Customer Requirement in Respect of Designated Non-financial Businesses and Professions (DNFBPs), mandates all financial institutions, prior to establishing business relationships with DNFI's, to obtain evidence of registration with SCUML.
The new requirement which takes effect from August 2, 2012, according to the circular signed by the apex bank's director, financial policy and regulation department, also mandates all DNFBPs who are existing financial institutions customers to update their records within six (6) months from the date of the circular.
Angela Nworgu, Head SCUML is delighted by the apex bank's directive. According to her, this directive of the apex financial regulatory institution will enhance efforts at implementing Nigeria 's Anti-Money laundering and Combating the Financing of Terrorism (AML/CFT) regime as it will automatically translate into more registrations and supervisory work to ensure compliance with the law, since the circular has immediate and nationwide effect.
She therefore called on all designated non-financial institutions (DNFIs) and Financial Institutions nationwide to ensure strict compliance; as non-compliance will attract appropriate sanctions.
Ag Head, Media & Publicity
13th August, 2012