CBN Points Warning to BDCs In opposition to Cash Laundering
The Central Financial institution of Nigeria (CBN) has warned Bureau De Change operators throughout the nation of extreme sanctions for failing to adjust to anti-money laundering and terrorism financing rules.
In a round dated April 17, 2025, and signed by Amonia Opusunju for the Director of the Compliance Division, the apex financial institution introduced that it could begin “thriller buying workouts with instant impact.”
In line with the CBN, the initiative is a part of efforts to fight cash laundering, terrorism financing, proliferation financing, and different illicit monetary actions.
The thriller buying will contain the deployment of nameless compliance testers to evaluate how effectively BDCs are implementing related rules.
“As a part of its enhanced efforts to fight cash laundering, the financing of terrorism, proliferation financing, and different illicit monetary actions, the Central Financial institution of Nigeria hereby notifies all Bureaux de Change operators in Nigeria that it’ll begin thriller buying workouts with instant impact.
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“This initiative will complement current supervisory actions, together with routine and focused examinations, in addition to spot checks. Thriller buying will contain the deployment of nameless compliance testers to evaluate the sensible implementation of Anti-Cash Laundering/Combating the Financing of Terrorism and Counter Proliferation Financing obligations by BDCs. This contains making certain sufficient buyer identification, adherence to correct Know-Your-Buyer procedures, and reporting suspicious transactions,” the CBN said.
The financial institution reminded operators that they’re required to completely adjust to the provisions of the Cash Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, and the Regulatory and Supervisory Tips for Bureau De Change Operators in Nigeria, 2024.
“Failure to adjust to AML/CFT/CPF obligations, together with lapses recognized by way of thriller buying, will entice extreme regulatory sanctions, together with financial penalties and/or revocation of working licenses,” the apex financial institution warned.
CBN additional suggested all BDCs to make sure that their “operations, workers coaching, transaction monitoring, and buyer onboarding procedures are at all times totally compliant with relevant necessities.”
It added, “For the avoidance of doubt, full duty for compliance rests with every licensed BDC.”
