The Central Bank of Nigeria has finalised and gazetted the Anti-Money Laundering/Counter Terrorism Financing Compliance Manual to give it a full effect of law.

A circular released by the bank to all banks and financial institutions on Friday said that the manual had been renamed, ‘CBN AML/CFT REGULATION (2009)’.

It said, “In October 2009, the CBN circulated the Anti-Money Laundering/Counter Terrorism Financing Compliance Manual as an exposure draft for comments from stakeholders via our circular Ref: BSD/DIR/GEN/AML/03/009/1. The Manual has now been finalised and gazetted to give it full effect of law. It is now renamed as ‘CBN AML/CFT REGULATION (2009)’ and can be accessed on the CBN website.

 ÃƒÂ¢Ã¢â€šÂ¬Ã…“Consequently, all banks and other financial institutions are, by this circular, required to comply with the requirements of the CBN AML/CFT Regulation attached to this circular. The exposure draft released vide our circular Ref: BSD/DIR/GEN/AML/03/009/1 of October 2009 is hereby recalled.”

The CBN had last month 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 Institutions.

This was contained in a directive issued by the Director of Financial Policy and Regulation Department, CBN, Mr. Chris Chukwu.

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 is titled, ‘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.

The directive mandates all financial institutions, prior to establishing business relationships with the DNFIs, to obtain evidence of registration with SCUML and took 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 circular.

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 registration and supervisory work to ensure compliance with the law.”

Source: Punch/Ademola Alawiye