CBN releases AML/CFT policy, procedure manual

The Central Bank of Nigeria (CBN) on Friday, released the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) policy and procedure manual.

The manual aims to establish procedures and minimum standards to protect the CBN from being used as channel to launder money, finance terrorism and other forms of crime.

Money laundering is the act of directly or indirectly concealing or disguising any fund or property that is derived from the proceeds of an unlawful activity.

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In the AML/CFT manual, the CBN stated that transactions conducted through correspondent banking relationship shall be managed in an accordance with a risk based; and know your correspondent procedures shall be established to ascertain whether or not a the correspondent bank or the counter party is itself regulated for money laundering prevention; and where regulated, the correspondent shall verify the identity of its customers in accordance Financial Action Task Force (TATF) standard; and where this is not the case, additional due diligence shall be required to ascertain and assess the correspondent’s internal policy and money laundering on money laundering prevention and KYC procedure.

HOPE MOSES-ASHIKE

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.