The Central Bank of Nigeria has told all licensed bureaux de change (BDCs) that it will commence mystery shopping exercises with immediate effect as part of enhanced efforts to combat money laundering, terrorism financing, proliferation financing and other illicit financial activities. The programme is intended to complement routine and targeted examinations and spot checks by testing how AML/CFT/CPF controls operate in practice. Mystery shopping will use anonymous compliance testers to assess BDCs’ implementation of AML/CFT/CPF obligations, including customer identification, Know-Your-Customer procedures and suspicious transaction reporting. The central bank reiterated that BDCs must comply with the Money Laundering (Prevention and Prohibition) Act 2022, the Terrorism (Prevention and Prohibition) Act 2022, the Regulatory and Supervisory Guidelines for Bureau de Change Operators in Nigeria 2024, and other relevant requirements issued by the Central Bank of Nigeria and the Nigerian Financial Intelligence Unit, warning that lapses identified through mystery shopping may trigger sanctions including monetary penalties and or licence revocation.
Central Bank of Nigeria 2025-04-17
Central Bank of Nigeria begins immediate mystery shopping programme to test bureau de change AML CFT and CPF compliance
The Central Bank of Nigeria will initiate mystery shopping exercises for licensed bureaux de change (BDCs) to enhance efforts against money laundering, terrorism financing, and other illicit activities. This initiative will assess BDCs' compliance with AML/CFT/CPF obligations, including customer identification and suspicious transaction reporting. Non-compliance may result in sanctions, including monetary penalties or licence revocation.