The Apex Bank in Nigeria (CBN) on Friday provided rules and regulations to be adhered with for establishing of banks and other financial institutions in the country.
In the signed rules and regulations, made available by the Director of Financial Policy and Regulations Department, Chibuzor Efobi, the apex bank listed various requirements for the establishment of financial institutions.
The CBN noted that the document would help to sustain its Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Countering Proliferation Financing of Weapons of Mass Destruction (CPF) campaigns.
The guideline read:
“In furtherance of efforts towards promoting compliance with Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) laws and regulations, the Central Bank of Nigeria (CBN) hereby issues this Guideline for use by individuals and entities applying for a licence to operate as banks or other financial institutions.
“This Guideline represents the minimum AML/CFT/CPF requirements for licensing of new financial institutions and should be read in conjunction with applicable AML/CFT/CPF laws, regulations and other CBN licensing requirements applicable to the institution type for which the licence is sought.
“The scope of this guideline covers both new and pending applications (including those awaiting final approval).”
