Regulatory Alerts2014-06-06 | BPS/DIR/GEN/CIR/01/007Exposure Draft Guidelines on International Money Transfer Services in Nigeria
These are the guidelines set by the Central Bank of Nigeria for Money Transfer Service Operators (MTSOs). Here is a summary of key points: 1. Compliance with Anti-Money Laundering laws and regulations is mandatory. 2. All MTSOs must obtain a license from the CBN. 3. Customers should be informed of all fees and charges before any transaction. 4. Money transfer operators are responsible for returning undelivered funds, except if it was due to customer error or fraud. 5. Charges and fees are subject to the guide provided by the CBN. 6. All complaints must be acknowledged within 24 hours, investigated fully, and a decision communicated to the complainant within one week. 7. Acceptable means of identification include an International Passport, Driver's License, National ID Card from the Corporate Affairs Commission (CAC). Sanctions include: 1. Withholding corporate approvals. 2. Imposing financial penalties. 3. Suspending a MTSO from conducting money transfer operations. 4. Revoking the Money Transfer Service operation license. In case of non-compliance, the Central Bank of Nigeria reserves the right to impose any or all of these sanctions.