AML-CFT-CPF Compliance and KYC Management for Financial Institutions

In recent times, there has been a phenomenal growth of financial services and increased cross-border activities with enhanced global financial intermediation and increased sophistication and complexities of emerging technology, thus introducing new risks and opportunities for fraud. Unfortunately, this development has been accompanied by a spate of transnationally organized crimes, including Money Laundering, Financing of Terrorism and Proliferation of Financing (ML/FT/PF) thus, necessitating regulators and other supporting inter-governmental agencies to introduce statutory requirements, consolidated by the Financial Action Task Force (FATF) Recommendations to ensure compliance imperative for a strong viable financial system, unsusceptible to internal and external threats.

In furtherance to this, and in line with statutory requirements, the Central Bank of Nigeria (CBN), expects all staff of financial institutions to undergo periodic training and retraining on AML-CFT-CPF Compliance to understand applicable regulations, bridge identified gaps, address inherent challenges, and avert likely consequences and sanctions. Also, best practice requires that financial institutions undergo periodic self–assessments of their compliance status to the AML/CFT/CPF regulations, in line with statutory guidelines and requirements, to bridge identified gaps, address inherent challenges, and avert likely consequences and sanctions