January 17, 2023/CBN
The Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulation 2022 requires financial institutions to understand the structure of legal persons and legal arrangements and undertake customer due diligence to mitigate the risks of money laundering, financing of terrorism and financing of proliferation of weapon of mass destruction.
Consequently, financial instittions are required to unveil the beneficial owners of legal persons and legal arrangements in line with provisions of extant AML/CFT laws and regulations.
Therefore, the CBN has developed a Guidance on Ultimate Beneficial Ownership of Legal Persons and Legal Arrangements to assist financial instittions under the supervisory purview of the CBN.
Click here to read full PDF copy of the Guidance
