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CBN releases guideline for establishment of banks, others



The Central bank of Nigeria (CBN) has released a guideline for the establishment of banks and other financial institutions in the country.

In the guideline signed by its Director of Financial Policy and Regulations Department, Chibuzor Efobi, and released on Friday, the apex bank listed various requirements for the establishment of financial institutions.

The CBN noted that the document would help to sustain its Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Countering Proliferation Financing of Weapons of Mass Destruction (CPF) campaigns.

READ ALSO: Loans: CBN sets new guidelines for banks

The guideline read:

“In furtherance of efforts towards promoting compliance with Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) laws and regulations, the Central Bank of Nigeria (CBN) hereby issues this Guideline for use by individuals and entities applying for a licence to operate as banks or other financial institutions.

“This Guideline represents the minimum AML/CFT/CPF requirements for licensing of new financial institutions and should be read in conjunction with applicable AML/CFT/CPF laws, regulations and other CBN licensing requirements applicable to the institution type for which the licence is sought.

“The scope of this guideline covers both new and pending applications (including those awaiting final approval).”

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