AML/CFT Supervisors in Nigeria
Nigeria FinancialInvestigation Unit (NFIU)
By providing reliable financial information, we protect Nigeria's financial system and contribute to the global fight against money laundering, terrorist financing and related crimes.
The Nigerian Financial Intelligence Unit (NFIU) is the central national agency responsible for receiving disclosures from reporting organizations, analysing those disclosures, and preparing the information for disclosure to relevant authorities.
The NFIU is an autonomous body within the Central Bank of Nigeria and the central coordinating body for the country's anti-money laundering, counter-terrorism financing, and counter-proliferation financing (AML/CFT/CPF) framework.
The establishment of the NFIU is a legal, regulatory, and operational framework to combat money laundering, terrorist financing, and proliferation financing, as set out in the 40 Recommendations of the Financial Action Task Force (FATF) based on global standards that facilitate the effective implementation of the measures.
Since 2007 the NFIU is also a member of the Egmont Group.Egmont Group is an informal network of 165 Financial Intelligence Units, providing a platform for the secure exchange of expertise and financial information to combat money laundering and terrorist financing.
Nigeria Designated Services are required to develop and implement a compliance program
To comply with Nigerian regulations, a Designated Service Compliance Program must include at least the following:
Developing written policies and procedures to guide the fight against financial crime, money laundering and terrorist financing.
Appointment of compliance officers.
Providing compliance education and training.
Creation of escalation procedures for reporting non-compliance.
Conducting inspections and audits.
Internal Audits:
- Compliance insurance
- Peer-to-peer reviews
Conducting an independent external audit.
The method of reporting suspicions by the designated services of Nigeria
- Reporting agencies including financial institutions, designated non-financial institutions and professionals in Nigeria are supposed to report and escalate suspicious transactions to the NFIU.
- Reporting agencies are also supposed to send threshold-based transaction reports to the NFIU.
The above-mentioned reporting will facilitate the analysis of information, including connection to and access to local and international databases to enrich Nigeria AML/CFT Compliance reports.
Furthermore, the resulting information reports are shared with law enforcement, anti-corruption, security and intelligence agencies, regulators and supervisors for further investigation and prosecution. Accordingly, these escalations effected by Nigeria reporting agencies are leveraging the AML/CFTCompliance in Nigeria and specifically the NFIU to:
- Advise law enforcement agencies, regulators and supervisors on money laundering, terrorist financing and predicate crime prevention and countermeasures.
- Exchange information with other FIUs and designated international organizations to combat and prevent global crime.
- Conduct research into emerging money laundering, terrorist financing, and other underlying criminal threats.
- Strengthen compliance by reporting entities against national and international standards for combating money laundering and terrorist financing.
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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.
