This was disclosed in a circular by acting director of trade and exchange department¸ W.D. Gotring saying the all illegal transfer through the banking system must be halted.
“Further to the guidelines for the operation of International Money Transfer Service (IMTS) in Nigeria referenced TED/FEM/FPC/GEN/01/016 of September 26, 2014, we have observed that some deposit money banks (DMBs) are operating accounts either as companies or companies masking to be individuals for the purpose of illegally receiving money transfer flows into those accounts for onward disbursements to recipients in Nigeria,” the circular read.
“The CBN therefore reiterates that the DMBs have the absolute responsibility to conduct Know Your Customers Business (KYCB) checks on all their customers to ensure that they do not transact in illegal/illicit flows.
“Consequently, DMBs are hereby directed to identify and freeze accounts receiving illicit flows, to submit the mandate and account details of these accounts held in naira or foreign currency”.