August 27, 2016
The Central Bank of Nigeria (CBN) has directed commercial banks to conduct Know Your Customers’ Businesses (KYCB) to ensure customers do not transact illegal or illicit remittances through the banking industry.
The CBN gave the directive to authourised dealers, mainly banks, on Friday in a circular signed by the Acting Director of Trade And Exchange Department, Mr W.D Gotring and titled, “Illicit international money remittances through the banking system’’.
The apex bank had observed that some Deposit Money Banks (DMBs) were operating accounts either as companies or masking themselves as individuals for the purpose of illegally receiving money transfer flow.