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Africa Housing News > Blog > News > CBN Publishes Customer Due Diligence Regulations 2023 and Guidance Note on Politically Exposed Persons
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CBN Publishes Customer Due Diligence Regulations 2023 and Guidance Note on Politically Exposed Persons

By Author
Last updated: 2023/06/24 at 3:39 PM
By Author Published June 24, 2023
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CBN Publishes Customer Due Diligence Regulations 2023 and Guidance Note on Politically Exposed Persons
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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.

Contents
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.READ MORE:Monitor political appointees’ accounts regularly, CBN tells banksSources:Proshare
AIHS2023
AIHS 2023

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).

READ MORE:Monitor political appointees’ accounts regularly, CBN tells banks

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.

AIHS 2023
AIHS 2023

Consequently, the Guidance Note is hereby released for immediate compliance by all financial institutions

Sources:Proshare

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By Author June 24, 2023 June 24, 2023
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