CBN to secretly monitor BDC operators with mystery shoppers

• The CBN has introduced a "mystery shopping" inaugural to secretly measure BDC operators’ compliance with anti-money laundering laws
• Anonymous inspectors volition sojourn BDCs to guarantee they travel cardinal regulations, specified arsenic lawsuit recognition and the reporting of suspicious transactions
• The CBN warned that violators volition look sanctions, including fines oregon licence revocation, and emphasised that the checks person already begun

Legit.ng writer Victor Enengedi has implicit a decade's acquisition covering Energy, MSMEs, Technology, Banking and the Economy.

The Central Bank of Nigeria (CBN) has announced plans to secretly show bureau de alteration (BDC) operators to guarantee they travel rules against wealth laundering and coercion financing.

In a announcement signed by Amonia Opusunju, the manager of the compliance department, the CBN said it volition transportation retired “mystery shopping” — a method utilized to cheque work prime and regularisation compliance without revealing the inspector’s identity.

CBN to deploy enigma shoppers to show activities of Bureau de Change operators
Source: UGC

CBN puts BDCs nether scrutiny with enigma shopping

The apex slope said the determination is portion of its enhanced oversight of illicit fiscal flows successful the country.

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The slope explained that anonymous compliance testers volition sojourn BDCs to cheque if they are pursuing cardinal rules similar decently identifying customers, carrying retired know-your-customer (KYC) procedures, and reporting immoderate suspicious activities.

The CBN said:

“BDC operators are reminded that they are required to afloat comply with the provisions of – wealth laundering (prevention and prohibition) Act, 2022. Terrorism (prevention and prohibition) Act, 2022, regulatory and supervisory guidelines for bureau de alteration operators successful Nigeria, 2024.”

The CBN has warned that immoderate bureau de alteration (BDC) recovered breaking the rules connected money laundering and coercion financing volition beryllium punished. This could see fines oregon adjacent losing their operating licence.

The slope besides urged each BDCs to marque definite their activities, unit training, lawsuit checks, and transaction monitoring travel each the required guidelines.

It added that the concealed checks volition commencement close away.

CBN to Deploy Mystery Shoppers to Monitor Activities of Bureau de Change Operators
Source: Getty Images

On February 27, 2024, the Central Bank changed its earlier stance and allowed the merchantability of overseas speech (FX) to bureau de alteration (BDC) operators again, aft stopping it successful 2021.

One twelvemonth later, the CBN acceptable a caller regularisation that limits BDCs from buying nary much than $25,000 play from immoderate 1 bank.

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Source: Legit.ng