The Central Bank of Nigeria has issued a fresh warning to Bureau De Change Operators and financial institutions in the country against violating anti-money laundering and counter-terrorism financing framework.
The warning was issued on Thursday in a circular signed by the CBN director of compliance department, Amonia Opusunju.
It vowed to impose sanctions on BDC operators who failed to adhere to its regulatory framework.
“BDC operators are reminded that they are required to fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022; the Terrorism (Prevention and Prohibition) Act, 2022; and the Regulatory and Supervisory Guidelines for Bureau de Change Operators in Nigeria, 2024.
“Any other relevant laws, regulations, and guidelines issued by the CBN and Nigerian Financial Intelligence Unit (NFIU).
"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.
It added that, “financial institutions are required to maintain a robust and dynamic sanctions compliance framework that enables them to identify and respond promptly to updates or changes across all applicable sanctions lists; prevent the use of their systems and platforms for transactions involving designated individuals or entities; conduct real-time screening of customers, transactions, and beneficial owners; and file appropriate reports with the Nigerian Financial Intelligence Unit and notify the CBN, where necessary.”