Covenant Microfinance Bank Ltd. (CMFB) is dedicated to maintaining the highest standards of integrity and transparency. We are committed to preventing our banking and financial services from being used for money laundering, terrorist financing, or any other illicit activities.

Our comprehensive AML/CFT program is founded on a commitment to full compliance with both the spirit and the letter of all applicable domestic and international laws, regulations, and guidelines — including the Central Bank of Nigeria (CBN) AML/CFT/CPF Regulations 2022 and the Money Laundering (Prohibition) Act.

Key Elements of Our Policy include:

Robust Internal Controls: We have established sound internal policies, procedures, and controls to mitigate the risks of money laundering and terrorist financing.

• Customer Due Diligence (CDD): We conduct thorough Customer Identification Programs (CIP) and apply ‘Know Your Customer’ (KYC) principles to verify the identity of all clients. This ensures we have a clear understanding of our customers and their business activities.
• Suspicious Activity Monitoring and Reporting: Our staff is trained to identify and report suspicious transactions and activities to the relevant regulatory and law enforcement authorities promptly.
• Continuous Training: We provide ongoing training for all employees to ensure they are aware of and adhere to the latest AML/CFT regulations and best practices.
• Legal Compliance: We fully cooperate with all law enforcement agencies within the limits of confidentiality rules, actively supporting the global fight against financial crime.
• Robust Internal Controls: We have established sound internal policies, procedures, and controls to mitigate the risks of money laundering and terrorist financing.

By upholding these principles, Covenant Microfinance Bank aims to protect the integrity of the financial system and maintain a high reputation for professionalism and ethical conduct.