Currency dealers under the aegis of Association of Bureau de Change Operators of Nigeria (ABCON) is seeking the approval of the Central Bank of Nigeria (CBN) for the establishment of a training institute to building capacity of its members.
President of ABCON, Aminu Gwadabe said the sub-sector is part of the nation's financial system but is being seen as the weakest link.
He said the association has filed an application with the CBN for approval to set up the institute to build the capacity of over 4,500 strong operators in the sub-sector.
He said the association has filed an application with the CBN for approval to set up the institute to build the capacity of over 4,500 strong operators in the sub-sector.
Gwadabe who spoke at the anti-money laundering sensitisation at the International Airport in Lagos a day after the association launched its “Live Run Automation Project” in Lagos.
The Live Run platform is integrated with Nigeria Inter-bank Settlement System (NIBSS), Nigeria Financial Intelligence Unit (NFIU), and Central Bank of Nigeria (CBN) designated systems, to enhance BDCs compliance with set regulations, promote market integrity, and sustain transparent transactions.
He said with a training centre, members will have a better appreciation of the menace of money laundering and terrorism financing and its implications on the economy.
The ABCON president said the anti-money laundering sensitisation programme was meant to familiarise operators with the process of money laundering – the criminal business used to disguise the true origin and ownership of illegal cash – and the laws that make it a crime.
Gwadabe said that the programme was also meant to help BDCs maintain a minimum standard of record keeping and increasing level of investors confidence for the economy.
He said the group will continue to pursue Nigeria’s admission into the Financial Action Task Force (FATF), an inter-governmental body established in 1989, to generate the necessary political will to bring about national legislative and regulatory reforms on AML/CFT, due this year.
He said the group will continue to pursue Nigeria’s admission into the Financial Action Task Force (FATF), an inter-governmental body established in 1989, to generate the necessary political will to bring about national legislative and regulatory reforms on AML/CFT, due this year.
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