Despite the increasing awareness and reforms in the Bureau De Change sub-sector, a significant number of operators are below the requisite rules guiding their activities, the Financial Stability Report of the Central Bank of Nigeria for 2018, has noted.
“Appropriate sanctions were imposed on the errant BDCs,” the report noted, adding that a strategic meeting was held with the leadership of the Association of Bureaux De Change Operators of Nigeria to emphasise the need for compliance with the guidelines. He said ABCON is also training the operators on regular basis on the need to keep transaction records and get a designated compliance officer that has day-to-day oversight over AML/ CFT programme, as they have been taught the rules in preparing Suspicious Transaction Reports , and rendering STRs’ returns to the Nigeria Financial Intelligence Unit .
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