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Omodele Adigun
For failure to comply with the anti-money laundering and terrorism requirements, the Central Bank of Nigeria (CBN) has imposed heavy sanctions, not only on any financial institution found culpable of any of the 48 money laundering infractions, but also on their directors and top management staff.
The new regime of sanctions was contained in a circular titled: “CBN Anti-Money Laundering and Combating the Financing of Terrorism (administrative sanctions) Regulations, 2018” by the Director, Financial Policy & Regulations Department of CBN, Kevin Amugo, to all banks and other financial institutions.
Amugo said the regulations were developed to ensure Nigeria’s compliance with Financial Action Task Force (FATF) recommendation 35.
The law expects countries to ensure there is a range of effective, proportionate and dissuasive sanctions, whether criminal, civil or administrative, available to deal with natural or legal persons.
