Regulatory Alerts2016-08-25 | TED/FEM/FPC/GEN/01/009Illicit International Money RemittancesThrough The Banking System
The Central Bank of Nigeria (CBN) has instructed all authorized dealers to conduct Know Your Customer's Business (KYCB) checks on their customers, ensuring they do not participate in illicit or illegal activities. DMBs are required to identify and freeze any accounts receiving such funds, submitting the relevant mandate and account details to the CBN for reporting to security agencies. This follows a previous guideline released in 2014 addressing operation of International Money Transfer Service (IMTS) in Nigeria.
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