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CBN Warns Banks To Freeze Accounts Receiving Illicit Forex Inflows

 

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Central Bank of Nigeria

By Omodele Adigun

The Central Bank of Nigeria (CBN) has warned all the nation’s banks to henceforth freeze all accounts receiving illegal foreign exchange (forex) inflows into the country.
The apex bank, in a circular entitled: “Illicit International Money remittances through the banking system”, by its acting Director, Trade and Exchange Department, WD Gotring, to all authorised dealers and the general public, noted that some banks are operating accounts either as companies or companies masquerading as individuals for the purpose of illegally receiving money transfer flow into those accounts for onward disbursements to recipients in Nigeria.
The apex bank then directed the banks to conduct Know Your Customs Business (KYCB) checks on all their customers to ensure that they do no transact illegal/illicit flows.
Consequently, DMBs hereby directed the banks to identify and freeze accounts receiving illicit flows and  to submit the mandate and account details of the accounts held in Naira or foreign currency to the CBN for onward reporting to the security  agencies.
The circular read in part:                                                                          The Sun

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