Mitigating Risk and Securing Compliance frameworks
In an increasingly regulated financial landscape, staying compliant with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) guidelines is crucial for survival. Medina Law Associates & Co. provides robust, comprehensive advisory and execution strategies to corporate bodies, banks, and designated non-financial institutions across Nigeria.
We design, evaluate, and audit compliance structures to align with the guidelines of the Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU), and the Special Control Unit Against Money Laundering (SCUML). Our goal is to prevent legal exposure, minimize administrative fines, and establish a culture of compliance within your operations.
Corporate Compliance Programs
We help businesses draft, refine, and enforce internal AML/CFT policies. This includes implementing Know Your Customer (KYC) frameworks and Customer Due Diligence (CDD) measures to verify the identity of your counterparties and screen for politically exposed persons (PEPs).
Regulatory Defense & Audits
Our team conducts mock regulatory audits and represents client companies during formal reviews by the EFCC, NFIU, or other enforcement agencies. We defend compliance systems and negotiate administrative resolution structures.
Our Core Capabilities
- Independent annual AML/CFT compliance audits.
- SCUML registration and compliance framework setups.
- Design of KYC, CDD, and PEP screening systems.
- Regulatory defense for institutions undergoing NFIU or EFCC audits.
- Board and executive staff training on compliance regulations.
Frequently Asked Questions
SCUML (Special Control Unit Against Money Laundering) registration is mandatory for Designated Non-Financial Businesses and Professions (DNFBPs) in Nigeria, including law firms, real estate developers, hotels, and luxury goods dealers. It certifies compliance with the Money Laundering (Prevention and Prohibition) Act.
Under Central Bank of Nigeria (CBN) and NFIU regulations, financial institutions must conduct independent AML/CFT compliance audits at least once a year. These audits verify the effectiveness of internal controls, KYC protocols, and suspicious transaction reporting systems.
Non-compliance can result in severe sanctions, including administrative fines from regulatory authorities, suspension or revocation of operating licenses, and criminal prosecution of directors and compliance officers under the Money Laundering Act.
We assist by conducting internal audits, preparing response strategies, representing clients during regulatory interviews by the NFIU, EFCC, or CBN, and designing corrective action plans to mitigate exposure and penalties.
