Regulatory Alerts2024-01-31 | TED/FEM/FPC/GEN/001/002Reviewed Guidelines of International Money Transfer Services in Nigeria
The Central Bank of Nigeria has released revised guidelines for international money transfer services in the country, aiming to liberalize the foreign exchange market, ensure transparency, and promote efficient price discovery mechanisms. The guidelines outline the regulatory framework for International Money Transfer Operators (IMTOs), including licensing requirements, permissible and non-permissible activities, and compliance standards. IMTOs are required to adopt robust anti-money laundering and counter-terrorism financing measures, with strict sanctions for non-compliance. The guidelines also specify disclosure requirements and dispute resolution procedures to protect customers.
Tags
payments
fx
aml
governance
operational
disclosure
enforcement
advisory
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