Regulatory Alerts2014-06-18 | BPS/DIR/CIR/01/009Guidelines on International Money Transfer Services in Nigeria
The guidelines provided by the Central Bank of Nigeria (CBN) set forth the regulatory and operational requirements for money transfer service operators in Nigeria. These guidelines cover a wide range of topics such as registration procedures, customer identification, transaction processes, record keeping, disclosure requirements, dispute resolution mechanisms, miscellaneous provisions, remedial measures, sanctions, and a glossary of terms. The guidelines emphasize the importance of ensuring that money transfer service operators comply with all relevant laws and regulations, including anti-money laundering and countering financing of terrorism (AML/CFT) rules. They also outline the responsibilities of agents engaged by money transfer service operators to provide money transfer services on their behalf. Furthermore, these guidelines highlight the need for transparency in transaction processes, including the disclosure of applicable exchange rates, commissions, fees, and any other amounts charged by banks or agents involved in a transfer. They also specify the requirements for resolving customer complaints and disputes through dedicated channels and timely communication with customers. In addition to these specific provisions, the guidelines provide general guidance on confidentiality obligations, acceptable means of identification, and potential sanctions that may be imposed on non-compliant money transfer service operators or their agents. Overall, these guidelines aim to ensure the integrity, stability, and efficiency of the Nigerian payments system by establishing clear expectations for all participants in the money transfer services industry.