2013-09-27 | FPR/DIR/CIR/GEN/03/006

To All Authorized Delears,Bureaux De Change and General Public

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 20 bureaux de change (BDCs) after discovering unusual large purchases of foreign exchange from some Deposit Money Banks by these operators. They failed to provide proper documentation proving they were utilizing these funds for authorized transactions and therefore violated anti-money laundering regulations, the Money Laundering Act, Terrorism Act, CBN Foreign Exchange Manual, and AML/CFT Regulations 2013. The Economic and Financial Crimes Commission has been requested to investigate and prosecute those involved.

Nigeria

Central Bank of Nigeria

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