• Money laundering: CBN orders banks to freeze illicit transfers, accounts

    Money laundering: CBN orders banks to freeze illicit transfers, accounts

    The Central Bank of Nigeria (CBN) has directed commercial banks to conduct Know Your Customers’ Businesses (KYCB) to ensure customers do not transact illegal or illicit remittances through the banking industry.

    The CBN gave the directive to authourised dealers, mainly banks, on Friday in a circular signed by the Acting Director of Trade And Exchange Department, Mr W.D Gotring and titled, “Illicit international money remittances through the banking system’’.

    The apex bank had observed that some Deposit Money Banks (DMBs) were operating […]