The Central Bank of Nigeria has released guidelines for licensing of banks and other financial institutions. The apex bank said, “it is for use by individuals and entities applying for licence to operate as banks or other financial institutions.”
The guideline is under the auspices of the Anti-Money Laundering, Combating The Financing of Terrorism, and Countering Proliferation Financing of Weapons of Mass Destruction (AML/CFT/CPF).
According to the central bank, the guidelines will assist promoters of financial institutions to comply with AML/CFT/CPF requirements while applying for operational licences.
The guidelines also provide specified minimum requirements and are expected to be considered by anyone applying for licenses shall.
Why this matters: This is the first time that the central bank has issued tough regulations aligning its application process for banking licenses that take into consideration terror financing, weapons financing, and other insecurity.
The Central Bank of Nigeria has released guidelines for licensing of banks and other financial institutions. The apex bank said, “it is for use by individuals and entities applying for licence to operate as banks or other financial institutions.”
The guideline is under the auspices of the Anti-Money Laundering, Combating The Financing of Terrorism, and Countering Proliferation Financing of Weapons of Mass Destruction (AML/CFT/CPF).
According to the central bank, the guidelines will assist promoters of financial institutions to comply with AML/CFT/CPF requirements while applying for operational licences.
The guidelines also provide specified minimum requirements and are expected to be considered by anyone applying for licenses shall.
Why this matters: This is the first time that the central bank has issued tough regulations aligning its application process for banking licenses that take into consideration terror financing, weapons financing, and other insecurity.
