TO effectively check the intractable activities of the dreaded Islamic sect, Boko Haram, the Central Bank of Nigeria (CBN) has introduced far reaching anti-terrorism financing and anti-money laundering measures in the financial sector.
The move, according to the apex bank, was to safeguard the nation's financial sector, particularly the banks and make them know more about their customers and those they do business with.
This is also against the backdrop of recent reports that terrorism financiers and money launderers were using some channels to carry out nefarious activities.
According to the circular, entitled "Additional Know Your Customers (KYC) requirements in respect of designated non-financial businesses and professions (DNFBPs)," signed by the Director, Financial Policy and Regulation Department, Mr Chris Chukwu, which was addressed to all banks and other financial institutions in the country, the CBN warned that all financial institutions were required, prior to establishing business relationships with DNFBPs, to obtain evidence of registration, suchas certified registration showing registration number with the Special Control Unit on Money Laundering (SCUML) of Federal Ministry of Trades and Investments.
DNFBP, according to the CBN, refers to dealers in jewelry, precious metals and stones, car and luxury goods, audit firms, taxconsultants, clearing and settlement companies, lawyers. notaries, other independent legal practitioners and chartered accountants, trust and company service providers, hotels, casinos, including internet and shi–based casinos.
Others are supermarkets, real estate agents, non-governmental organi-sations (NGOs), religious and charitable organi-sations or such other business and professionals as the Ministry of Trades and Investments, or appropriate regulatory authorities, from timeto time designate.
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