CENTRAL BANK OF NIGERIA Financial Policy and Regulation Department Central Business District P.M.B. 0187 Garki, Abuja. -mail:fprd@cbn.gov.ng April 9, 2018 FPR/DIR/GEN/CIR/07/001 CIRCULAR TO BANKS AND OTHER FINANCIAL INSTITUTIONS ‘CBN ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM (ADMINISTRATIVE SANCTIONS) REGULATIONS, 2018 Pursuant to the requirements of the Financial Action Task Force (FATF) Recommendation 35 on effective, proportionate and dissuasive sanctions and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) 2007 Mutual Evaluation recommendation that “Nigeria's AML/CFT sanctions regime should be reviewed and made to be proportionate and dissuasive,” the Central Bank of Nigeria (CBN) in collaboration with the Office of the Attorney-General of the Federation [OAGF) have developed a robust administrative sanctions regime. The Administrative Sanctions Regime has been gazetted to give it legal effect and ensure compliance with FATF and GIABA requirements. Banks and other financial institutions are by this circular, informed of the attached “CBN AML/CFT Administrative Sanctions Regime” the application of which comes into effect as at the date of the Gazette. Kindly ensure compliance, please. KEVIN N. AMUGO DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENTExtraordinary Federal Republic of Nigeria Official Gazette No.17 Lagos-2nd February, 2018 Government Notice No. 1 ‘The following is published as supplement to this Gazerte SL. No, Short Title 1 Central Bank of Nigeria Anti-Money Laundering and Combating the Financing of Terrorism (Administrative Sanctions) Regulations, 2018 Printed and Published by The Federal Government Pinter, Lagos, Nigeria ap40220182,200 Vol. 105 Page B1.29 Annual Subscription from Ist January, 2018 is Local: H35,000,00 Overseas: N45,500.00 (Surfoce Mail] 469 500,0 [Second Class Air Mal) Present fsue N2,000.00 per copy. Subsoribers who wish fo obtain Gazette afer Ist January should apply fo the Federal Government Printer, Lago for amended Subscriptions.BI MONEY LAUNDERING (PROHIBITION) ACT, 2011 (AS AMENDED) CENTRAL BANK OF NIGERIA ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM {ADMINISTRATIVE SANCTIONS) REGULATIONS, 2018 ‘Annanoewenr oF Reautanions Regulation Par I~Ossecrives AND AppLication Objectives ‘Application, Parr II-—ApwinisTRATive SANCTIONS AND PENALTIES Administrative sanctions. Penalties. 5, Conditions forthe imposition of administrative sanctions Par Ill—Circunstances 10 DetenMine SANCTIONS 10 APPLY Determination of the nature and seriousness of contravention Conduct of the regulated financial institution or person concemed in its management after the contravention. 8. Previous record of the financial institution or person concerned in its ‘management. 9. General considerations, Pager IV-—MIscELLANEOUS 10. Interpretation 1. Citation ScHEDULEB2S. 1 No. 1 of 2018, MONEY LAUNDERING (PROHIBITION) ACT, 2011 (AS AMENDED) CENTRAL BANK OF NIGERIA ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM (ADMINISTRATIVE SANCTIONS) REGULATIONS, 2018 [Ise Day of February, 2018] In exercise ofthe powers conferred on me by section 23 (2) (e) ofthe Money Laundering (Prohibition) Act, 2011 (as amended) and al other powers enal ‘me in that behalf, I, Anvatar Mavasi sax, Attorney-General ofthe Federation and Minister of Justice make the following Regulations— Pant I—Oniscnives. ND APPLICATION 1.—(1) These Regulations are made in furtherance of the Money Laundering (Prohibition) Act, 2011 (as amended) and Central Bank of Nigeria, ‘Anti-Money Laundering and Combating the Finaneing of Terorism for Banks ‘and Other Financial Institutions in Nigeria) Regulations, 2013. 2) These Regulations provide Anti-Money Laundering and Combating te Financing of Terrorism (AML/CFT) compliance administrative sanctions regime for financial institutions under the supervisory purview of the Central Bank of Nigeria (CBN) 2, These Regulations shall apply to financial institutions under the supervisory purview of the CBN. Pant IIApMIMistRATIVE SANCTIONS AND Penaues 3. From the commencement of these Regulations and subject to the relevant provisions of the— (@ Money Laundering (Prohibition) Act, 2011 (as amended) ; (8) Terrorism (Prevention) Act, 2011 (as amended) ; (0) Terrorist Prevention (Freezing of International Terrorists Funds and Other Related Measures) Regulations, 2013 ; and (@) Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism for Banks and Other Financial Institutions in Nigeria) Regulations, 2013, the Central Bank of Nigeria shall apply the administrative sanctions and penalties for contravening the provisions of these Regulations by financial institutions under the supervisory purview of the CBN as set out under the Schedule to these Regulations. B3 Commence ment. Objectives, Application, Adhinisratve Senetons.B4 Pealis, 4, Without prejudice othe provisions ofregulation3 ofthese Regulations, the penalties that the CBN shall apply for contraventions of the— (@) Money Laundering (Prohibition) Act, 2011 (as amended) ; (8) Terrorism (Prevention) Act, 2011 (as amended) ; (© Terrorism Prevention (Freezing of International Terrorists Funds and Other Related Measures) Regulations, 2013 ; and (@ Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Tertorism for Banks and Other Financial Insitutions in Nigeria) Regulations, 2013, shall include administrative sanctions and penalties as listed out under the Schedule to these Regulations. Conditions 5.—(1) The administrative sanctions under these Regulations shall be fe, imposed consequent upon of (@) the examination of a financial institution and observance of ‘aininseaive contravention by CBN Examiners ; or sanctions © the recommendation of relevant agencies. (2) In determining the sanctions to apply, all the circumstances of the ‘case shall be taken into account including the nature and seriousness of the contravention, conduct ofthe regulated financial institution or person concerned in its management after the contravention, previous record of the financial institution or person concemmed and other general considerations. art III Circumstances 10 DereRwINe SANCTIONS 10 APPLY Determination 6. In determining the nature and seriousness of any contravention ofthe naure observed, the CBN shall consider— ond Serusness (@ whether the contravention was deliberate, dishonest or reckless ; of (© the duration and frequency of the contravention ; (©) the amount of any benefit gained or loss avoided due to the contravention; (@ whether the contravention reveals serious or systemic weaknesses of the management systems or internal rules relating to al or part of the business : (© the nature and extent of any money Laundering or financing of terrorism crime facilitated, occasioned or otherwise attributable to the contravention (f) whether there are @ number of smaller issues, which individually may not justify administrative sanction, but would apply when taken collectively ;and(2) any potential or pending criminal proccedings in respect of the contravention witich may be prejudiced orbarred where a penalty is imposed pursuant to the Schedule to these Regulations. 7. In considering the conduct of the regulated financial institution or person concerned in its management after the contravention, the CBN shall conside— (a) how quickly, efficiently and effectively the financial institution or person concerned in its management brought the contravention to the attention of the CBN or any other relevant regulatory authority ; {(b) the degree of co-operation with CBN examiners or other supe agency during the examination ; {e) any remedial step taken when the contravention was identified, including disciplinary action taken against the staff involved, where appropriate, addressing any systemic filure and taking action designed to ensure thet similar problem do not arise in the future (@ the likelihood that the same type of contravention will reoccur where no administrative sanction is imposed ; and (€) whether the contravention was admitted or denied ry 8, Inconsidering the previous record ofthe financial institution or person ‘concerned in its manegement; the CBN shall consider— (a) whether it has taken any previous action resulting in a settlement, sanction or whether there were relevant previous criminal conviction ; (8) whether the financial institution or person concemed in its management has previously been requested to take remedial action ; and (©) the general compliance history of the institution ot person, 9.11) In addition to the provisions of regulations 6, 7 and 8 of these Regulations, the CBN shall consider— (@) the prevalence of the contravention ; (8) the action taken by it in previous similar cases ; and (6) any other relevant consideration. (2) Where the Board, a director or officer responsible for ensuring compliance with any relevant provision ofthese Regulations has been penalized in three consecutive examination cycles and the breach continues, the CBN ‘may suspend or remove the Board, director, or officer of that institution. 3) The bank shall disclose in detail the penalty paid as a result of the contravention in its published Annual Report. Conduct of fhe regulated financial instaton oF person onoetmed in management ater he Previous record ofthe Fanci insttton oF person ‘oncemed in management. Genectt ‘considerations.B6 Interpretation Pat IV—Misce.tansous 10, In these Regulations— “beneficial owner” means— (@ the natural person who ultimately owns or controls @ custome: (®) the natural person on whose behalf « transaction is being conducted ; and (©) person who exercises ultimate effective control over a legal person or arrangement ; “business relationship” means a business, professional or commercial relationship between a relevant person and a customer, which is expected bby the relevant person, atthe time when contact is established, to have an clement of duration ; “cash” means notes, coins or travellers’ cheques in any currency ; controf” means a power under the trust instrument or by lav, whether exercisable alone, jointly with another person or with the consent of another person, to— (@ dispose of, advance, lend, invest, pay or apply trust property ; (8) vary the trust; (©) add or remove a person as a beneficiary or to or from a class of beneficiaries; (@) appoint or remove trustees ; or (€)direct, withhold consent to or veto the exercise ofa power such as {s mentioned in paragraphs (a), (6), (c) or (2). “Customer due diligence measures” means— (@ identifying the customer and verifying the customer’s identity on the basis of documents, data or information obtained from a reliable and independent source ; (8) identifying, where there is a beneficial owner who is not the ‘customer, the beneficial owner and taking adequate measures, on a risk-sensitive basis, to verify his identity so that the relevant person is satisfied that he knows who the beneficial owner is, including, in the case ofa legal person, trust or similar legal arrangement, measures to understand the ownership and control structure of the person, trust or arrangement; and (6) obtaining information on the purpose and intended nature of the business relationship. “Financial institution” include banks, body corporates, associations or group of persons, whether corporate or incorporate which carries on the business of investment and securities, a discount house, insurance institution,debt factorization and conversion firm, bureau de change, finance company, money brokerage firm whose principal business includes factoring, project financing, equipment leasing, debt administration, fund management, private ledger service, investment management, local purchase order financing, ‘export finance, project consultancy, financial consultancy, pension funds management and such other business as the Central Bank or other appropriate regulatory authorities may from time to time designate ; “money laundering’ is as defined in the Money Laundering Prohibition Act, 2011 (as amended) ; “politically exposed person” has the meaning given to it under the Money Laundering (Prohibition) Act, 2011 (as amended) andthe Terrorism (Prevention) Act, 2011 (as amended) ; “shell Company” means. an incorporated company that possesses no significant asset and does not perform any significant operations ; and “Yerrorist financing” means an offence under Part II of the Terrorism (Prevention) Act, 2011, 11, These Regulations may be cited as the Central Bank of Nigeria Anti-Money Laundering and Combating the Financing of Terrorism (Administrative Sanctions) Regulations, 2018, Citation BTBS ava TeuoHN - Ls LeUoNEN EHNA aS —UO ASN STPIS/OGAIOA ~O06"00SH + INL ~ OOOO + smo) Se J 24 Ho Syed unenoY aa wun -U« LIN UONEN AIA AES + 00 I AIEIS/OGAIDA ~OOO°ODEN « BAIA = Q00'ODZN smo} $e prog 1p Jo saquauryova uo yo Sapusd Vv “ANCLAH UO UOHIWOZRE -soinposoud soinpooo3é puesmiod LASUNW | pur sa}ofod LOIN ayyoxoudde ovamyed im 30 eaouddy |Z nyo soquous yee uo w + $woy.y Ayouod wi "UN [OBO VOUT ‘ad PUONN AA) HEE sBeFuoyy Aibuang opeIs - GOH WEN « ‘Ga 211G(AA) 2BHE9 aq eT 1) Suedwor soueu4 ~ 000°00SN + ‘aun rppoubug 0419 ayi uo Ayeued wr Y conn ip jo sounpaooud sHojoy se Ayeued wn y | _ysngers ojamnjey g | swuMBod LIA | 1 Guo) suopmysuy pprouonny 3410 Cana yung ouoyy nsodeq. oyaesfuy woupy pounboy Apaogaionous assoustanpy Gpouag pronouns aueasne NSWADYNVAYARIVOG 3H 40 910Y ANY SONVNEINDD BIVHOAAIO "W SALLIVNSd CNV SNOLLONVS JALIVULSININGY [9 pun ¢ * ¢ suompay) winaaHosBO “ANd PUOHENH GOWER = ‘aN, TuoHeN/aWe 2901S ~ LOULLIIRR » "AN ESD ~000'00S + "ASIN WIN —000'00EH 8010} "AIIN PLOFEN /eINd-OO0'OOSRE WIN TEIS GTO -OO0'00EN + 819 241 awaaquou 12OIO20 wo p00°00SR + wo SURO, DaNNDDNT 241 UO GODTOSEN + se ound wna y yey 9 seokordu ono 1024) J0 vwosloud LOT onaannied "EIN FUOHENENA—OOOOSRE + IW SISA OOOO + ‘IN U—O00'O1N + se sonujtuos uortuaataiues 24 ypesany HOU Aypuad un ‘AN PUONEN GOO'OOSRE + “aN IPUONEN/AHd 2181S 000°00EN + )AG/DI ~O00'007N + ASIN WEN ~ 000'001N + aur) ortuoaesuos ayp wey 409k 14D 24) UO OOO"OOSN + soupy doc, 00'0SLN » ojo se Spud wnat Y Jeo ap ‘wok (g) aan A1040 sea] ye saunpanoud 91494 01200 -s1e9f (g) samy) i980 seo] 18 Sou pue soysijed 149 FURY 31 J0 310 ule st21404 9:pors9gB10 "IN PUONEN /APNd~Q00'0OSN + I SIEIS/OTH/Da ~O00'O0EN + + Snoqoy se Syouad waaay “emo uosgpsusat so paeog un 0) sanssi AOPTY vo stiodor ‘ipouad syosau8 o} OO ANJOUNIES «| dypoyiad — ares9u09) SV 110 2 vo Ayousd wna "ITN PUONEN eH ~GOO'DOSN + IMPISOGAO -OO0'O0EN + AIA WN —Q00°00IN + runyo x eo wun oU, (0) sowgpooy aptnoud ue o1Aa1 0} prog aynjeamied | woudeuet sojuas Aq ponswans| sonss} Lao. wo syiodos 1pouiod lwo aavqpaay aprnosd ue alaai *Dalaa0y, 82 0. “aa "AJIN OVONRN /ELA-000'005N « “QUINPPSOAD-O0O'O0EN + 11000001 vwadoud |JOIN 1p jo uonowwoUoydun ‘insu pur 28) ‘oaamuuue 5110 reo aun syouounbas Bunuodas pu woudeuru sts “wesoud LAOUAWBul GIN !OUOHTON- HORTEEIEN aN Teuonenyaynad 2081S = wOUTWOIN « ALIN PISCE ~OO0'0OSN « 2y8 4140 941 Ho Aaoued RY 3p HE BYSY ALITA ASR BOAO UE SYST, ‘ezjuSoses 01 eangies «| S/W J0 Suippoqua| “01 “un uly ayy Jo owas yomaunigwawsteueyy |i Uo wa Fe us THO. 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ABUBAKAR MALAWI SAN Attorney-General of the Federation and Minister of Justice Exotawarory Nore (This note does not form part of the above Regulations but is intended to explain its purport) ‘These Regulations provide Administrative sanctions on Anti-money Laundering and Combating the Financing of Terorism (AM/CFT) infractions by financial institutions under the regulatory purview ofthe Central Bank of Nigeria.