The Central Bank of Nigeria (CBN) will soon begin sending secret shoppers to check if bureau de change (BDC) outlets are following the rules against money laundering and terrorism financing.
This announcement came in a notice sent to all licensed BDC operators on Thursday, signed by Amonia Opusunju from the CBN’s compliance department.
Secret shopping (or mystery shopping) is when someone pretends to be a regular customer to check how well a business is following rules or providing service.
The CBN is doing this to monitor illegal money movement in Nigeria better.
The CBN said: “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.”
The notice also stated: “Any other relevant laws, regulations, and guidelines issued by the CBN and Nigerian Financial Intelligence Unit (NFIU).”
The bank warned that any money exchange business breaking these rules could face penalties, including fines or losing their license to operate.
According to the CBN, “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 bank emphasised: “For the avoidance of doubt, full responsibility for compliance rests with each licensed BDC.”
This follows the CBN’s February 2024 decision to start selling foreign currency to these businesses again, after stopping in 2021. A year later, the CBN created rules limiting these operators to buying no more than $25,000 per week from any single bank. (BusinessDay)
