- GTBank, Access Bank, and other commercial banks must know their customers and the businesses they do, the Central Bank of Nigeria (CBN) advised.
The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs), including Access Bank and GTBank, against malpractices in the foreign exchange (Forex) market.
In a letter signed by Ozoemena Nnaji, Director of Trade and Exchange Department, addressed to the commercial banks, the apex bank advised them to always observe due diligence and desist from all forms of malpractices in foreign exchange transactions.
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Nnaji urged the banks to ensure to know their customers and also to know their customers’ businesses.
She said the directive was necessitated by recent occurrences in the FX market.
“The CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements) but also know their customers’ businesses (KYCB requirements).
“Given this responsibility, and in view of recent occurrences in the market, the CBN will like to remind banks to desist from all forms of FX malpractices.
“We wish to reiterate that FX operating licences of any bank or banks that are found culpable with ongoing investigations will be suspended for at least one year,” the letter read.
As read in the latter, Nnaji urged all the DMBs concerned to take note and ensure compliance.
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