CBN Tightens Noose on Money Launderers, Terrorism Financiers *Issues guidelines on beneficial ownership, says legal persons, arrangements susceptible to abuse *Imposes responsibility to identify, manage related
*Imposes responsibility to identify, manage related risks on financial entitiesThe Central Bank of Nigeria has unveiled an Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations, 2022, to check abuses in the financial system.
The CBN defined BO as the “natural person who ultimately owns or controls a customer and/or the natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a legal person or legal arrangement”. Specifically, the guidelines apportioned responsibilities to financial institutions with respect to BO obligations.
The CBN further stated that in such circumstances, the financial institution is required to identify the natural person with ultimate control. Also, financial institutions are to apply a risk-based approach in the identification and verification of BOs, adding that measures to be applied should be on the risk sensitive basis and should be set out in their AML/CFT/CPF framework.
The new regulations provide that where a BO was determined to be in one of these categories, the financial institution must take additional measures to manage the risk.
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