Promoters, shareholders and owners of financial institutions must henceforth disclose now be obliged to the sources of their wealth when applying for a license from the Central Bank of Nigeria(CBN).
This is in an effort to ensure that laundered funds or terrorism inflows do not find their way into establishing financial institutions in the country.
This is even as the country is grappling with corruption, terrorism, banditry, kidnapping for ransom, and increased insecurity across the states.
The new stipulation is provided in the Guidelines for ‘Licensing Banks and Other Financial institutions in Nigerian on Anti Money Laundering, Combating Financing Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction.’
CBN, in a circular issued by the director, Financial Policy and Regulation Department, Chibuzo Efobi, said the guidelines was part of efforts at promoting compliance with AML/CFT/CPF laws and regulations. The guideline represents the minimum requirements for licensing new financial institutions.
The guideline, which is applicable to both new and pending request for license, requires that promoters of financial institutions are required, in addition to complying with other licensing requirements specified in relevant institution-type guidelines, to submit with the application for Approval-in-Principle, a completed and personally signed beneficial owners’ declaration Form and notarised statement of net-worth for all beneficial owners.
https://leadership.ng/new-bank-promoters-must-disclose-sources-of-fund-cbn/
