The Central Bank of Nigeria(CBN) has directed financial institutions to liaise with the Special Control Unit against Money Laundering(SCUML) of the Economic and Financial Crimes Commission (EFCC) before dealing with Bureaux de change, hotels, law firms and accounting firms, which are categorised as Designated Non-financial Businesses and Professions (DNFBPs).
The apex bank has also given all the DNFBPs a six-month deadline to update their records with the relevant institutions.
With these developments, there will be more surveillance on Bureaux de Change and other businesses being used by Politically Exposed Persons(PEPs) and some businessmen suspected to be laundering money abroad.
According to a statement by the Head of Media and Publicity, Mr Wilson Uwujaren, the CBN’s directive became effective from August 2.
The statement said: “The relentless campaign by the Special Control Unit against Money Laundering for compliance with anti-money laundering regulations by Designated Non-Financial Institutions has received a boost with a directive by the Central Bank of Nigeria , making registration with SCUML a key Know Your Customer requirement for opening accounts for DNFIs in financial institutions.
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