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AML/CFT/CPF Policy Statements

Anti-Money Laundering/ Countering Financing of Terrorism/ Countering Proliferation Financing (AML/CFT/CPF) Policy Statements.

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Anti-Money Laundering/ Countering Financing of Terrorism/ Countering Proliferation Financing (AML/CFT/CPF) Policy Statements.

NOVA Bank has taken steps to implement a robust AML/CFT/CPF Risk Based Compliance Framework which is designed to comply with all extant and emerging local, international regulations, and guidance relating to the prevention of money laundering, terrorist financing, proliferation financing and any other related financial crimes wherever it operates.

The Bank’s AML/CFT/CPF policies and procedures are formulated by the top management team and approved by the board of directors. The AML/CFT/CPF Compliance program is consistent with the CBN Anti -money laundering and Combating Financing of Terrorism and Countering Proliferation Financing in Banks and Other Financial Institutions in Nigeria regulation 2022; Money Laundering Prevention and Prohibition Act (MLPPA) 2022 and other related laws, acts and guidelines.

The AML/CFT/CPF program comprises:

  • Robust AML/CFT/CPF policies, procedures, and systems which outline a risk -based methodology for assessing all customers, products, and services, and geographies risk within the business.
  • Appointments of Executive Compliance Officer and Chief Compliance Officer, as well as having an independent Compliance function to implement the AML/CFT/CPF Policies and Procedure.
  • Continuous staff training for all levels of the employees, senior management, board members, vendors, and outsourced staff.
  • Carry out Customer Due Diligence (CDD) procedure at onboarding and in the course of maintaining business relationships with the customer.
  • Ensuring Regulatory Reporting to relevant authorities.
  • Facilitate Board of Directors oversight function in addressing the potential risks of Money Laundering; Terrorist Financing and Proliferation Financing (ML/TF/PF), wherever the Bank operates.
  • Ensure that the policy does not undermine the cordial relationship between NOVA Bank Limited and her credible customers and relevant stakeholders such as vendors, consultants, regulators, investors, correspondent banks, etc.

AML/CFT/CPF Controls

  • Provide dual control and segregation of duties as appropriate.
  • Report and maintain records as required by regulation/ law.
  • Independent audit of the compliance function in the bank.
  • Professional relationships with regulators, law enforcement and legislators.
  • Ensure up to date information sharing and awareness creation to employees, top management and board.

Contact

Questions, comments and requests regarding this privacy policy are welcomed and should be addressed to dpo@novabkng.com.

To contact our Data Protection Officer, kindly address your request to “The Data Protection Officer” 23, Kofo Abayomi Street, Victoria Island, Lagos, Nigeria or email dpo@novabkng.com.