CBN ENFORCES NEW ANTI MONEY LAUNDERING SANCTION REGIME

The Central Bank of Nigeria (CBN) has rolled out a tougher sanctions regime for Anti-Money Laundering and Combating the Financing of Terrorism which stipulates fines on banks, their directors and other key officials for 48 money laundering infractions.

The new regime is an improvement on the existing regime, which only stipulates fines against financial institutions for money laundering infractions.

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.

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