The Central Bank of Nigeria (CBN) has rolled out a new set of penalties for organisations that flout its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) rules.
The central bank stated this in a circular titled: “CBN Anti-Money Laundering and Combating the Financing of Terrorism (administrative sanctions) regulations, 2018.”
The new regime stipulates fines on banks, their directors and other key officials for money laundering infractions.
The circular was developed by the CBN in collaboration with the Office of the Attorney-General of the Federation (OAGF).
According to the CBN, banks and board members or chief compliance officers will all be sanctioned for 31 out of the 48 money laundering infractions listed in the new regime.