The Central Bank of Nigeria Act 2007 (as amended) enumerated the core functions of the Bank as follows;
In carrying out these core mandates, the CBN has over the years performed some major developmental functions, focused on all the key sectors of the Nigerian economy (financial, agricultural and industrial sectors, etc.) to promote sound financial system. The role of the CBN as a Banker to the Federal Government entails offering financial advice and maintenance of accounts for Ministries, Departments and Agencies of government. The Bank also maintains accounts for financial institutions within Nigeria and with financial institutions outside Nigeria.
The objective of this AML/CFT Manual is to set out policies and procedures to guide employees and the Bank to conduct business in accordance with applicable Anti-Money Laundering (AML) laws and regulations. The manual aims to establish procedures and minimum standards to protect the CBN from being used as a channel to launder money, finance terrorism and other forms of financial crimes.
The CBN AML/CFT Manual sets minimum standards for employees of the Bank to comply with AML/CFT laws and regulations in the following broad areas:
iii. Employees conduct.
This manual is guided by the Money Laundering Prohibition Act 2011, Terrorism Prevention Act 2011 and other applicable relevant laws and regulations.
Anti-Money Laundering And Combating The Financing Of Terrorism Policy and Procedure Manual (363 downloads)