Promoters of banks, financial institutions, to disclose sources of funds – CBN

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Abuja, Dec. 8, 2022 – The Central Bank of Nigeria (CBN) says promoters of banks and other financial institutions will now be required to disclose sources of their funds when applying for license.

The CBN, had in a circular issued by the Director, Financial Policy and Regulation Department, Chibuzo Efobi, said the new guideline was in compliance with AML/CFT/CPF laws and regulations.

“The directive has formed part of the minimum requirements for licensing new financial institutions.

“The guideline is part of the Guidelines for ‘Licensing Banks and Other Financial institutions in Nigerian on Anti Money Laundering, Combating Financing Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction.

‘The guideline is applicable to both new and pending request for license,’ the apex bank said.

It requires that promoters of financial institutions to submit with the application for Approval-in-Principle, completed and personally signed beneficial owners’ declaration form and notarised statement of net-worth for all beneficial owners

This is in addition to compliance with other licensing requirements specified in relevant institution-type guidelines. (GBN)


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