This is in an effort to ensure that laundered funds or terrorism inflows do not find their way into establishing financial institutions in the country.
This is even as the country is grappling with corruption, terrorism, banditry, kidnapping for ransom, and increased insecurity across the states.
The new stipulation is provided in the Guidelines for ‘Licensing Banks and Other Financial institutions in Nigerian on Anti Money Laundering, Combating Financing Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction.’
