Regulatory Alerts2013-09-27 | FPR/DIR/CIR/GEN/03/006To 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.
CENTRAL BANK OF NIGERIA Financial Policy and Regulation Department entral Business District 09-46237423 PROGRANGERVOS /006 26th September, 2013
To: All Authorized Dealers,
BUREAUX DE CHANGE AND GENERAL PUBLIC REVOCATION OF THE OPERATING LICENCES OF 20 BUREAUX DE CHANGE In the course of our routine examination of the sale and utilization of foreign exchange, the Central Bank of Nigeria discovered that some operators of Bureaux De Change (BDC) purchased unusual large amounts of foreign exchange from some Deposit Money Banks (DMBs). The affected BDCs did not render returns on the utilization of the foreign exchange purchased and also failed to provide documentary evidence that their purchases were utilized for eligible transactions in accordance with the relevant provisions of the Money Laundering (Prohibitions) Act 2011 ( as amended), Terrorism (Prevention) Act 2011 (as amended), CBN Anti-Money Laundering/Combating the Financing of Terrorism Regulations, 2013, the CBN Foreign Exchange Manual and the extant Guidelines for the Operations of BDCs in Nigeria and AML/CFT Regulations 2013.
Consequently, the operating licences of the 20 (twenty) BDCs have been revoked by the CBN.
Also, the Economic and Financial Crimes Commission (EFCC) has been requested to investigate the matter for the persecution of indicted persons. This, we hope, would serve as a deterrent to others and demonstrate Government's resolve to stamp out money laundering and also the Bank's zero tolerance for regulatory infractions. The names of the affected BDCs are contained in the table attached to this circular. All Authorized Dealers and the general public are advised to take note of this revocation for compliance, plea OBOT, U. A.
For: Director, Financial Policy & Regulation Department Page 1 of 2 LIST OF REVOKED BUREAUX DE CHANGE
| S/No | Name of BDC |
|---|---|
| ] | FBN BDC |
| AMITY GLOBAL BDC LTD | |
| 2 | |
| 3 | HARUNA A. RAHAMAN BDC LTD |
| 4 | MAJIA BDC LTD |
| 5 | AHALI BDC LTD |
| 6 | LAWABASH BDC LTD |
| BIN DAHUUD BDC LTD | |
| 7 | |
| 8 | GARIN GABAS BDC |
| 9 | D & D BDC LTD |
| 10 | DAYTRADER BDC LTD |
| 11 | FATAHUL BDC LTD |
| GLOBAL PAYMENTS BDC LTD | |
| 12 | |
| 13 | STARTIME BDC LTD |
| 14 | PLANET VENTURES BDC LTD |
| 15 | FADIMA BDC LTD |
| 16 | OPTIMUM BDC LTD |
| SECON BDC LTD | |
| 17 | |
| 18 | ASABANA BDC LTD |
| 19 | MAIKSAL BDC LTD |
| 20 | ALIM BDC LTD |