The Central Bank of Nigeria has announced plans to introduce a secret shopper programme to assess compliance by Bureau De Change operators with anti-money laundering and counter-terrorism financing regulations.
The directive was communicated to all licensed BDCs in a notice issued on Thursday by the apex bank’s Compliance Department, signed by Amonia Opusunju.
The initiative, known as “secret shopping” or “mystery shopping,” involves sending undercover agents posing as ordinary customers to observe and evaluate whether BDCs are adhering to regulatory guidelines.
According to the CBN, the move is aimed at strengthening the monitoring of illicit financial flows in the country.
“BDC operators are reminded that they are required to fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022; Terrorism (Prevention and Prohibition) Act, 2022; and the Regulatory and Supervisory Guidelines for Bureau De Change Operators in Nigeria, 2024,” the circular stated.
The apex bank further emphasized that all relevant laws, regulations, and directives issued by the CBN and the Nigerian Financial Intelligence Unit must be strictly observed.
It warned that non-compliance could attract severe penalties, including monetary fines or the revocation of operating licenses.
“All BDCs are advised to ensure that their operations, staff training, transaction monitoring, and customer onboarding procedures are always fully compliant with applicable requirements,” the statement added. “For the avoidance of doubt, full responsibility for compliance rests with each licensed BDC.”
This development follows the CBN’s decision in February 2024 to resume the sale of foreign exchange to BDCs after a suspension in 2021. As part of the reinstated framework, the apex bank limited BDC purchases to a maximum of $25,000 per week from any single bank.
The secret shopper programme is expected to enhance regulatory oversight and ensure that BDCs play a constructive role in Nigeria’s financial ecosystem.
