The Central Bank of Nigeria on Tuesday extended the deadline given to Designated Non-Financial Businesses and Professions to update their account information with evidence of registration, towards fulfilling the Know-Your-Customer requirement.

The regulator said KYC requirement was expected to enable the regulator to check money laundering and other malpractices in the sector.

The DNFBPs, according to the CBN, comprise dealers in jewellery, precious metals and stones, cars and luxury goods, audit firms, tax consultants, clearing and settlement companies, lawyers, notaries, other  independent legal practitioners, and chartered accountants as well as trust company service providers.

Others are hotels, casinos, supermarkets, real estate agents, non-governmental organisations, religious and charitable organisations, Federal Ministry of Trades and Investments or appropriate regulatory authorities.

The apex bank, in a circular to all banks and other financial institutions, said, “In consideration of some challenges encountered by the Special Control Unit against money laundering as a result of the number of persons seeking to enjoy late compliance, the CBN has decided to further extend the second deadline of April 30, 2013 by eight months to December 31, 2013.”

The bank warned DNFBPs yet to register to take advantage of the extension or risk losing their account.

Meanwhile, Deposit Money Banks have warned that restriction will be placed on the accounts of DNFBPs operators that fail to comply with the KYC requirement of the CBN.

Source: Punch