Home Business Money Breaking: CBN Revokes Operational Licenses Of 4,173 BDCs Operators For Non Compliance
Money

Breaking: CBN Revokes Operational Licenses Of 4,173 BDCs Operators For Non Compliance

Share
Share

The Central Bank of Nigeria (CBN), on Friday revoked the operational licenses of 4,173 Bureaux De Change Operators.

This is contained in a statement signed by Sidi Ali, Hakama, Ag. Director, Corporate Communications, that the affected BDCs operators failed to observe at least one of the following regulatory provisions which includes: “Payment of all necessary fees which includes licensing renewal within the stipulated period in line with the Guidelines, rendition of returns in line with the guidelines and compliance with guidelines, directives and circulars of the CBN, particularly on Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

The statement added that the apex is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria.

It added that “compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.

Members of the public are hereby advised to take note and be guided accordingly.”

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

eTranzact  Posts N5bn Pre-Tax Profit, Declares Dividend 

In a resounding display of financial strength, eTranzact International Plc has announced...

KaboCash Technologies Emerged As First Fintech – Company In Northern Nigeria that is processing an International Money Remittances

Cross-border payments transformation Fintech seeks to optimize internal processes and reduce costs....

Soto Gallery, Ecobank, AFC, Push Art Boundaries With 2nd Edition Of +234 Art Fair

Following the tremendous success of its inaugural edition, Soto Gallery, in partnership...

CBN Appoints 16 New Directors

The Central Bank of Nigeria (CBN) has appointed 16 new directors to...