By Elizabeth Adegbesan
The Central Bank of Nigeria, CBN , has rolled out conditions for rejecting entities or individuals applications for license to operate a bank or other financial institutions (OFIs).
CBN disclosed this today in its guidelines for Licensing of banks and OFIs anti-money laundering, combating the financing of terrorism and countering proliferation financing of weapons of mass destruction.
Highlighting the conditions, the CBN said:”The conditions for rejection of an application for license or a party to an application shall include:Failure to demonstrate understanding of the ML/TF/PF risks inherent in the business;
“Inability to address the AML/CFT/CPF licensing requirements satisfactorily, especially during the capital verification exercise; Misrepresentation of facts and false declaration;
“Criminal record of a party to the application indicating conviction or any other offense that constitutes financial crime; Opaque ownership…
Source: Vanguard Newspaper