The measure, the bank said, was to ensure compliance with anti-money laundering regulations by Designated Non-Financial Institutions.
This was contained in a directive issued by the Director of Financial Policy and Regulation Department, CBN, Mr. Chris Chukwu.
Under the new arrangement, all financial institutions must register with the SCUML in line with the know-your-customer requirement for opening accounts for the DNFIs.
The directive entitled: ‘Additional know your customer requirement in respect of designated non-financial businesses and professions,’ with reference number: FPR/CIR/GEN/VOL.1.028 and dated August 2, 2012, was obtained by journalists in Abuja on Monday.
The directive mandates all financial institutions, prior to establishing business relationships with the DNFIs, to obtain evidence of registration with SCUML and takes effect from August 2.
It also mandates all Designated Non-Financial Businesses and Professionals, who are existing financial institutions customers, to update their records within six months from the date of the circular.
In her reaction to the development, the Head, SCUML, EFCC, Ms Angela Nworgu, said the CBN directive would complement efforts to implement Nigeria’s Anti-Money Laundering and Combating the Financing of Terrorism Act as “it will automatically translate into more registrations and supervisory work to ensure compliance with the law.”
She, therefore, called on all DNFIs and financial institutions nationwide to ensure strict compliance as non-compliance would attract appropriate sanctions.
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beneno
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