Regulatory Alerts2004-05-23 | TED-AD-53-2004Circular To All Community Banks And Primary Mortgage Institutions
The Central Bank of Nigeria has issued a circular warning all community banks and primary mortgage institutions against illegally clearing, converting or diverting third-party cheques. This practice not only leads to significant losses for affected institutions and individuals but also jeopardizes the credibility of the financial sector and system. Institutions found guilty will face appropriate legal action.
Tags
fraud
payments