The Central Bank of Nigeria (CBN) Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulations, 2022 are designed to strengthen the regulatory framework for financial institutions in Nigeria. These regulations aim to safeguard the financial system by preventing money laundering (ML) and terrorism financing (TF) activities. The CBN regulations align with international best practices, such as the Financial Action Task Force (FATF) recommendations, and empower financial institutions with critical compliance tools, including the power to block accounts and implement a risk-based approach to customer due diligence.

This article provides a detailed summary of the CBN AML/CFT Regulations, 2022, with an emphasis on financial institutions’ to monitor accounts, identify low and high-risk businesses, implement tiered Know Your Customer (KYC) processes, and manage Politically Exposed Persons (PEPs). Click link below to download full article: