In order to implement the provisions of the Anti-Money Laundering, Combating the Financing of Terrorism, and Countering Proliferation of Weapons of Mass Destruction Financing (AML/CFT/CPF) regulations, the Central Bank of Nigeria (CBN) has released new guidelines for the licensing of banks and other financial institutions.
The move, according to a circular issued by the apex bank, was made to ensure that those applying for licenses to operate as banks or other financial institutions comply with the AML/CFT/CPF regulations.
The CBN states that the guidelines should be read in conjunction with any relevant AML/CFT/CPF laws and regulations because they serve as the minimum AML/CFT/CPF requirements for granting licenses to new financial institutions.
Regarding prerequisites for license applications, the guidelines specify that financial institution promoters must also comply with other licensing requirements specified in relevant institution-type guidelines, submit along with their application for Approval- in-Principle, documents such as: “Completed and personally signed Beneficial Owners Declaration Form; notarised statement of net-worth for all Beneficial Owners and completed and personally signed Politically Exposed Persons (PEP) declaration form.