The Central Bank of Nigeria has launched mystery shopping exercises at Bureau De Change outlets to reinforce compliance with anti-money laundering and counter-terrorism financing regulations.
This initiative, announced in a circular dated Thursday, and signed by the Director of the Compliance Department, Amonia Opusunju, is part of the CBN’s broader strategy to combat illicit financial flows and strengthen oversight within Nigeria’s financial sector.
“As part of its enhanced effort to combat money laundering, the financing of terrorism, proliferation financing, and other illicit financial activities, the Central Bank of Nigeria (CBN) hereby notifies all Bureau de Change (BDC) operators in Nigeria that it will commence mystery shopping exercises with immediate effect.,” the apex bank stated.
Mystery shopping—an internationally accepted method used by regulators and private institutions—has become the Central Bank of Nigeria’s latest strategy to evaluate service delivery, regulatory compliance, and operational practices.
As part of the exercise, the CBN will deploy undercover compliance officers to BDC outlets to assess how well operators are implementing key regulatory requirements.
These checks will focus on key compliance areas such as proper customer identification, adherence to Know-Your-Customer protocols, and the prompt reporting of suspicious transactions.
The CBN noted that the mystery shopping exercises will begin immediately, underscoring its commitment to strengthening regulatory compliance across the BDC sector.
“BDC operators are reminded that they are required to fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, and the Regulatory and Supervisory Guidelines for Bureau De Change Operators in Nigeria, 2024, among other relevant laws, regulations, and guidelines issued by the CBN and the Nigerian Financial Intelligence Unit (NFIU),” the circular stated.
The CBN has warned that operators found to be in breach of AML/CFT regulations will face severe consequences.
Furthermore, all BDC operators are mandated to ensure that their operations, staff training, transaction monitoring, and customer onboarding processes are fully aligned with relevant compliance frameworks and regulatory standards.
“For the avoidance of doubt, full responsibility for compliance rests with each licensed BDC,” the CBN said.
Furthermore, all BDC operators are mandated to ensure that their operations, staff training, transaction monitoring, and customer onboarding processes are fully aligned with relevant compliance frameworks and regulatory standards.
These regulatory measures reflect the CBN’s broader strategy to maintain market stability while reinforcing a culture of strict compliance within the financial sector.
