CBN (Customer Due Diligence) Regulations 2023: Overview and Potential Implications

On 20 June 2023, the Central Bank of Nigeria (CBN) issued the CBN (Customer Due Diligence) Regulation 2023 (the CDD Regulations). This regulatory initiative is aimed at assisting financial institutions to comply with customer due diligence measures, required by existing laws and regulations in Nigeria on anti-money laundering, combating the financing of terrorism, and countering proliferation.

We have highlighted in this newsletter, the salient provisions of the CDD Regulation, key legal considerations, and the impact of the regulation on financial institutions.

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