Risk-Based Requirements Under the Nigerian AML/CFT Regime

Programme Overview

The risk-based approach (RBA) is central to the effective implementation of an AML/CFT regime. A RBA to AML/CFT means that jurisdictions, competent authorities, Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) are expected to identify, assess and understand the ML/TF risks to which they are exposed and take AML/CFT measures commensurate with those risks in order to manage and mitigate them effectively. RBA allows a FI to allocate its resources more effectively and apply preventive measures that are commensurate with the nature and level of risks, in order to focus its AML/CFT efforts in the most effective way. Therefore, a FI should adopt a RBA in the design and implementation of its AML/CFT policies, procedures and controls with a view to managing and mitigating ML/TF risks.

Programme Objective

To provide a succinct explanation of the concept of the Risk-Based Approach to AML/CFT. By the end of the programme each participant will be able to:

  • Understand the Risk-Based Approach (RBA) from an AML/CFT perspective
  • Understand the benefits, challenges and limitations of the RBA
  • Gain insights into how the RBA works in practice and learn some of the global leading practice ERM standards to aid your understanding of the RBA to AML/CFT

Programme Coverage

  • Legal and regulatory framework guiding AML/CFT in Nigeria
  • Definition of money laundering and anti-money laundering
  • Definition of terrorist financing and combating terrorist financing
  • An AML programme
  • The essential elements of sound ML and TF risk management
  • The risk-based approach to AML/CFT
  • Benefits, challenges and limitations of the RBA
  • Understanding ML risk assessment and risk-scoring model
  • Levels of risk and guidance on RBA implementation
  • Risk-scoring model decision
  • Assessing risk and applying the RBA – FATF Recommendations
  • Assessing risk and applying the RBA – Nigerian regulations
  • MLPA provisions on: identification, timing of identification, PEP, SDD, EDD, KYC, KYE and ongoing due diligence
  • Relevant International ERM Standards to aid understanding of the RBA to AML/CFT

Who Should Attend?

  • AML and Compliance Officers
  • Internal Auditors responsible for AML/CFT programme and function’s review
  • All employees

Duration: 3 hours (In-house/In-plant only)

Date: As agreed with our client

Programme fee: As negotiated

Key benefits: Deep understanding of the Risk-Based Approach to AML/CFT, programme materials and certificate of participation