The Central Bank of Nigeria (CBN) says it will begin mystery
shopping exercises across bureau de change (BDC) outlets to strengthen
compliance with anti-money laundering and counter-terrorism financing
regulations.
The CBN spoke in a circular to all licensed BDC operators,
signed by Amonia Opusunju, director of compliance department, on Thursday.
Mystery Shopping is a technique used by companies to
evaluate service quality, compliance with regulations, and gather information
on specific products.
The apex bank said the move is part of its enhanced
oversight of illicit financial flows in the country.
The CBN said the exercise would involve deploying undercover
compliance officers to assess how well the BDCs are implementing key regulatory
requirements such as customer identification, know-your-customer (KYC)
procedures, and reporting of suspicious transactions.
The apex bank said the exercises will commence with
immediate effect.
“BDC operators are reminded that they are required to fully
comply with the provisions of – money laundering (prevention and prohibition)
Act, 2022. Terrorism (prevention and
prohibition) Act, 2022, regulatory and supervisory guidelines for bureau de
change operators in Nigeria, 2024,” CBN said.
“Any other relevant laws, regulations, and guidelines issued
by the CBN and Nigerian Financial Intelligence Unit (NFIU).”
The bank warned that any operator found to be in breach of
the anti-money laundering and counter-terrorism financing (AML/CFT/CPF)
frameworks will face sanctions, including monetary penalties and possible
revocation of licences.
“All BDCs are advised to ensure that their operations, staff
training, transaction monitoring, and customer onboarding procedures are always
fully compliant with applicable requirements,” the apex bank said.
“For the avoidance of doubt, full responsibility for
compliance rests with each licensed BDC.”
On February 27, 2024, the financial regulator approved the sale
of foreign exchange (FX) to BDC operators, reversing its decision to halt FX
sale to the BDCs in 2021.
A year later, CBN introduced new regulations limiting BDC
operators to purchasing a maximum of $25,000 per week from a single bank.
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