2005-02-02 | TED-AD-17-2005

The Unprofessional Roles of Banks in Funds Transfers

This circular highlights the concerns regarding unprofessional activities by banks in facilitating the movement of criminally acquired funds. It emphasizes that such practices are embarrassing to the industry and should be addressed. The consolidation and strengthening of capital bases should lead to more professional and better-managed institutions, with all participants urged to follow KYC guidelines for prevention. The Governor's email address is available for reporting malpractices confidentially, and leaders within these banks are warned that they will face consequences if their institutions are found aiding the transfer of crime proceeds.

Nigeria

Central Bank of Nigeria

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