Money Laundering: CBN Tightens Control On MfBs, Others

The Central Bank of Nigeria (CBN) has taken steps to protect the financial system from cases of money laundering through Other Financial Institutions (OFIS) such Microfinance Banks (MfBs), Finance Companies, and Discount Houses.

The apex bank has, therefore, developed guidance note on anti-money laundering/combating the financing of terrorism (AML/CFT) for other financial institutions (OFIs).

CBN Director, Financial Policy and Regulation Department, Chibuzo Efobi, said the Guidance Note would assist the  sub-sector in the identification, assessment, as well as mitigation of money laundering and terrorist financing (ML/TF) risks.

He said the level of sophistication of the internal controls should be commensurate with the size, structure, risks and complexity of the financial institution.

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