The Central Bank of Nigeria (CBN) has issued a new warning to banks and other financial institutions regarding their business relationships with Politically Exposed Persons (PEPs).
CBN said the banks and other financial institutions should apply a risk-based approach to identifying Politically Exposed Persons and apply appropriate Enhanced Due Diligence (EDD) measures when dealing with them.
In a document titled, ‘GUIDANCE NOTES ON POLITICALLY EXPOSED PERSONS’, which was issued to banks on June 22, 2023, but obtained on Saturday, the CBN said the enhanced due diligence is necessary due to the PEPS exposure to corruption.
