Anti Money Laundering

Reference is further made to our directive dated March 17^th 2020, wherein the Authority directed entities who had been trained on GOAML to register for the LIVE platform by April 15^th 2020.

NBFIRA as a supervisory authority listed in Schedule II of the Act is mandated under Section 44 (1) of the Act to issue guidance notes in an effort to raise awareness amongst specified parties with regards to money laundering, terrorism financing and proliferation financing risks. This is to ensure that specified parties are able to develop systems and have policies in place that would assist them to be compliant.   

This document serves to avail guidance on identification considerations pertaining to Prominent Influential Persons (“PIPs”), as per Section 44 (1)(b) of the Financial Intelligence Act, 2019(“FI Act”).  

Due to their position and influence, it is recognized that many PIPs are in positions that potentially can be abused for the purpose of committing Money Laundering (“ML”) offences and related predicate offences, as well as conducting activities related to Terrorism Financing (“TF”) and Proliferation Financing (“PF”).