Regulatory Alerts2013-09-27 | FPR/DIR/CIR/GEN/03/006Revocation of the Operating Licenses of 20 Bureaux de Change
The Central Bank of Nigeria's Financial Policy and Regulation Department has revoked the operating licenses of 20 Bureau De Change (BDC) companies due to their failure to adhere to regulations regarding the purchase, sale, and utilization of foreign exchange. These BDCs were found to have purchased unusually large amounts of foreign exchange without providing proper documentation or utilizing the funds for eligible transactions. The Central Bank believes these actions violate the Money Laundering (Prohibitions) Act 2011, Terrorism (Prevention) Act 2011, CBN Anti-Money Laundering/Combating the Financing of Terrorism Regulations, and the extant Guidelines for BDC operations in Nigeria. The names of these affected companies can be found attached to this circular. Furthermore, the Economic and Financial Crimes Commission has been requested to investigate the matter for potential prosecution.