Regulatory Alerts2025-04-17 | CMD/DIR/INT/GEN/001/001RE: Compliance with AML/CFT/CPF Regulations
The Central Bank of Nigeria (CBN) is set to begin mystery shopping exercises for all Bureaux de Change (BDC) operators in Nigeria. This is part of CBN's efforts to combat money laundering, terrorism financing, and other illegal financial activities. The mystery shopping initiative aims to assess the practical implementation of Anti-Money Laundering/Combating the Financing of Terrorism and Counter Proliferation Financing (AML/CFT/CPF) obligations by BDCs and ensure they comply with regulations like customer identification and KYC procedures. Failure to comply could result in regulatory sanctions, including monetary penalties or revocation of operating licenses.