CBN CHARGES ABCON 0N EFFECTIVE SELF-REGULATION, MARKET INTELLIGENCE

Written by on September 6, 2019

The Central Bank of Nigeria has challenged the Association of
Bureaux De Change Operators of Nigeria to evolve an effective
self-regulation that would ensure full compliance of the
operators.
CBN’s Deputy Director, Other Financial Institutions
Supervision Department, Mustafa Harunas, while speaking at
the Inter-Governmental Action Group against Money
Laundering in West Africa Mutual Evaluation Exercise
Sensitisation workshop for South West said there was need for
BDCs to ensure compliance with extant Anti-Money
Laundering/Combating the Financing of Terrorism laws and
regulations to mitigate the risks and vulnerabilities in the sub-
sector.
He said that ABCON should develop and implement a Code of
Conduct for members to promote ethical practices and
transparency in the sector, while also continually advising the
CBN on market intelligence on key industry issues.


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