The Central Bank of Nigeria (CBN) yesterday gave a three-month grace period for designated customers to comply the rules on Know Your Customer (KYC), which makes registration with the Special Control Unit against Money Laundering(SCUML) a mandatory  requirement for opening of bank accounts for designated non-financial businesses and professions (DNFBPs). The apex bank in an earlier circular to banks and other financial institutions had directed them to ensure compliance with the rules on or before February 1, 2013. However, in another circular issued yesterday and signed by CBN Acting director, Financial Policy and Regulation Department, Nwaoha I.
By this extension, the designated businesses and professions, have until April 30, 2013 to register their businesses with SCUML and update their bank account records with evidence of such registration, failing which they would be barred from operating their account till they comply.
According to the CBN, DNFBPs refer to dealers in jewellery, precious metals, and stones, cars and luxury goods, audit firms, tax consultants, clearing and settlement companies, lawyers, rotaries, other independent legal practitioners and chartered accountants, trust and company service providers (who provide services to third parties).
Others include hotels, casinos (including internet and ship-based casinos), supermarkets, real estate agents, non-governmental organisations, religious and charitable organisations or such other professions as the Federal Ministry of Trade and Investments or appropriate regulatory authorities may from time to time designate.


Abu Kassim Mohamed does this following the questioning of MACC officers in connection to a leaked document from investigations on 1MDB. KUALA LUMPUR: Malaysian Anti-Corruption Commission (MACC) chief Abu Kassim Mohamed has taken a week’s leave, with deputy chief commissioner of prevention Mustafar Ali, currently filling in for him. This comes following the questioning of several MACC officers by the police in connection with a document leak from investigations on 1Malaysia Development Berhad (1MDB).
Kassim’s leave also comes after the arrests of former MACC advisory board member Rashpal Singh and Attorney-General’s Chambers finance and anti-money laundering secretariat member Jessica Gurmeet Kaur to assist police investigations on the leak.
Besides Rashpal and Jessica, MACC special operations division officer Tuan Roslan Tuan Mat was also questioned at Putrajaya police headquarters Monday night, while the director of special operations, Bahri Mohd Zin, was questioned at MACC headquarters by the federal Criminal Investigation Department (CID). On Saturday, police searched the home and office of MACC prosecutor Ahmad Sazilee Abdul Khairi and removed computers and documents on 1MDB and its former subsidiary SRC International.


According to him, although any individual could be susceptible to the canker, it is important for individuals to put themselves in the position to resist it.
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