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The Central Bank of Nigeria issued Guidance Notes on Politically Exposed Persons (PEPs) in June 2023, building on its 2022 Regulation on Money Laundering/Terrorist Financing/Proliferation Financing (ML/TF/PF). 

See our TEMPLARS ThoughtLab Piece on the 2022 Regulation HERE.

This step was taken strengthen Nigeria’s ML/TF/PF framework and further to Nigeria being placed on the Financial Action Task Force’s (FATF) “Grey List,” necessitating improvements in anti-money laundering and counter-terrorism financing measures.

This newsletter by TEMPLARS Partner Dayo Okusami and Associates, Kazeem Lawal, Mariam Adebayo, and Chijoke Ukomadu, outlines the key steps for financial institutions (FIs) to identify and manage risks associated with PEPs.

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