The Central Bank of Nigeria (CBN) has announced plans to conduct “mystery shopping” exercises at bureau de change (BDC) outlets nationwide. This initiative aims to strengthen compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
According to a circular signed by Amonia Opusunju, Director of the Compliance Department, the CBN will deploy undercover compliance officers to assess BDCs’ implementation of key regulatory requirements. These include customer identification, know-your-customer (KYC) procedures, and reporting of suspicious transactions.
“BDC operators are reminded that they are required to fully comply with the provisions of the 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; and any other relevant laws, regulations, and guidelines issued by the CBN and Nigerian Financial Intelligence Unit (NFIU),” the CBN stated.
The apex bank warned that any operator found breaching AML/CFT/CPF frameworks will face sanctions, including monetary penalties and possible licence revocation. “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 CBN emphasised. “For the avoidance of doubt, full responsibility for compliance rests with each licensed BDC.”
This move is part of the CBN’s enhanced oversight of illicit financial flows in the country. The exercises will commence immediately, with the aim of promoting a more compliant and transparent financial sector.
In related news, the CBN had previously approved the sale of foreign exchange (FX) to BDC operators on February 27, 2024, and introduced new regulations limiting BDC operators to purchasing a maximum of $25,000 per week from a single bank.
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