public utility billvisitationpassport photographgovernment issued of identification
public utility billvisitationpassport photographgovernment issued of identification
Memorandum&Articles of Association shares allotment certificateparticulars of directorscertificate of incorporationregistered office addressdetails of directorspassport photographsdetails of promoterspublic utility billsSCUML registration certificatecorporate search
national Identity Cards
Evidence Act 2011 Nigeria, section 84, 92, 258 (1)
2004
The Money Laundering and Prohibition Act was enacted in 2004 but has since been repealed by the Money Laundering (Prohibition) Act 2011 (amended in 2012).
Central Bank of Nigeria (“CBN”)
http://www.cenbank.org/
Nigerian Financial Intelligence Unit (“NFIU” National Insurance Commission (“NAICOM”)
www.nfiu.gov.ng
http://www.scuml.org/
Yes. CBN, NFIU, SCUML: None, Securities and Exchange Commission (“SEC”), Nigerian Stock Exchange (“NSE”), and NAICOM.
Yes.
Yes
Nigeria is a member of the Inter-Governmental Action Group Against Money-Laundering in West Africa (“GIABA”). GIABA is a FATF-Style Regional Body (“FSRB”) that works in conjunction with FATF to monitor its member countries’ progress in implementing FATF standards. Nigeria’s first Mutual Evaluation report was issued in May 2008. In subsequent years, GIABA conducted follow-up evaluations and issued follow-up reports.
No
No.
Individuals:
a) government issued means of identification;
b) passport photograph;
c) public utility bill; and
d) visitation.
Corporates:
a) company registration documents (memorandum of association, articles of association, shares allotment certificate, particulars of directors, certificate of incorporation, person appointed as company
secretary, registered office address etc.);
b) details of directors, passport photographs and means of identification;
c) details of promoters;
d) public utility bills showing either registered address or business address;
e) Special Control Unit Against Money Laundering (“SCUML”) registration certificate; and
f) corporate search.
Beneficial owners who control more than 5% of shares in a company or have significant influence over a company should be identified directly through an identification check through official databases (e.g. a
Where the prospective relationship is a: a) Politically Exposed Person (“PEP”); b) non-resident customer; c) private banking customer; d) legal person or legal arrangement such as a trust; or e) a company that has nominee shareholders.
There are no circumstances stated in the law or relevant regulations
Examples of such enhanced CDD measures include (but are not limited to): a) obtaining additional information on the customer; b) obtaining additional information on the intended nature of the business relationship, and on the reasons for intended or performed transactions; c) obtaining information on the source of funds or source of wealth of the customer; and d) conducting enhanced monitoring of the business relationship, e.g. by increasing the number and timing of controls applied and identifying patterns of transactions that warrant additional scrutiny.
Yes
Additional due diligence is required for non-face-to-face transactions where the following are involved:
a) cross border transfers;
b) mobile banking;
c) telephone banking systems;
d) debit and credit card transactions; and
e) where there is a suspicion of money laundering in relation to that customer, or where there is a material change in the way that the customer’s account is operated which is not consistent with the
customer’s business profile.
NFIU
www.nfiu.gov.ng
Yes. Financial institutions are required to report to the NFIU in writing within seven days any single transaction lodgement or transfer of funds in excess of: a) NGN5m (approx. USD25,400) or its equivalent, in the case of an individual; or b) NGN10m (approx. USD50,790) or its equivalent in the case of a body corporate. A person other than a financial institution may voluntarily give information on any transaction lodgement or transfer of funds in excess of: a) NGN1m (approx. USD5,080) or its equivalent, in the case of an individual; or b) NGN5m (approx. USD25,400) or its equivalent in the case of a body corporate.
Yes. Below the thresholds as stipulated in A20, transactions do not need to be reported according to the AML law. However, the threshold should be applied by taking into consideration all other qualitative characteristics of transactions and customers as stipulated by the AML law.
Yes.
No.
Yes.
No.
No
N/A
N/A
N/A
No.
No.
No.
No.
CBN
2015, 2014, 2013
cross border transfermobile bankingtelephone banking systemdebit&credit card transaction
Nigeria first introduced a National Identity Card in 2005,
No
Yes
No
NFIU
Yes
Yes
N/A
SCUML (Special Control Unit for Money Laundering)
Yes
a) ascertaining that the documents provided are certified true copies; and
b) corporate searches with the Nigerian Corporate Affairs Commission (“CAC”) (for identification documents relating to company registration).
No.
No.