CBN EXTENDS COMPLIANCE DEADLINE FOR ANTI-MONEY LAUNDERING RULES
The Central Bank of Nigeria (CBN) yesterday gave a three-month grace period for designated customers to comply the rules on Know Your Customer (KYC), which makes registration with the Special Control Unit against Money Laundering(SCUML) a mandatory requirement for opening of bank accounts for designated non-financial businesses and professions (DNFBPs).
The apex bank in an earlier circular to banks and other financial institutions had directed them to ensure compliance with the rules on or before February 1, 2013.
However, in another circular issued yesterday and signed by CBN Acting director, Financial Policy and Regulation Department, Nwaoha I. T, the deadline has been extended by three months.
By this extension, the designated businesses and professions, have until April 30, 2013 to register their businesses with SCUML and update their bank account records with evidence of such registration, failing which they would be barred from operating their account till they comply.
'For the avoidance of doubt, the DFNBPs that have not registered with SCUML may do so and update their bank accounts information with such evidence on or before 30th April, 2013, failing which they would not be allowed to operate such accounts until they comply', the apex bank reiterated.
According to the CBN, DNFBPs refer to dealers in jewellery, precious metals, and stones, cars and luxury goods, audit firms, tax consultants, clearing and settlement companies, lawyers, rotaries, other independent legal practitioners and chartered accountants, trust and company service providers (who provide services to third parties).
Others include hotels, casinos (including internet and ship-based casinos), supermarkets, real estate agents, non-governmental organisations, religious and charitable organisations or such other professions as the Federal Ministry of Trade and Investments or appropriate regulatory authorities may from time to time designate.