Nigeria: CBN Reviews Anti Laundering and Terrorism Regulation

The Central Bank of Nigeria (CBN) has reviewed the Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulation to align with international best practise as well as other anti laundering and terrorism acts of the country. The CBN said it aims to ensure that with the cooperation of operators and stakeholders in the Nigerian financial sector, the reviewed Regulations meet international best practice and FATF requirements. In view of this, it called for contributions and comments from relevant stakeholders on the draft review prior to gazetting and release of the document to the industry. CBN has commenced full implementation of its gazetted Anti Money Laundering and Combating Financing Terrorism (AML/CFT) Risk Based Supervision (RBS) framework enunciated in 2011.