The CBN stated that its new regulation was created to provide additional customer due diligence measures for financial institutions under its regulatory purview
It noted, “To provide additional customer due diligence measures for financial institutions under the regulatory purview of the Central Bank of Nigeria to further their compliance with relevant provisions of the Money Laundering Act , 2022, Terrorism Act , 2022, Central Bank of Nigeria Regulations, 2022 and international best practices.
“And enable the CBN to enforce compliance with customer due diligence measures in line with the CBN AML, CFT and CPF Regulations.”
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