The Central Bank of Nigeria, CBN said it has uncovered illicit monet flows from international sources into Nigerian banks. In statement by the CBN, the apex bank said:
‘We have observed that some Deposit Money Banks (DMBs) are operating accounts either as companies or companies masking themselves as individuals for the purpose of illegally receiving money transfer flows into those accounts for onward disbursements to recipients in Nigeria’.
‘The CBN therefore reiterates that the DMBs have the absolute responsibility to conduct Know Your Customers’ Business (KYCB) checks on all their customers to ensure that they do not transact in illegal/illicit flows’.
The CBN directed all banks to ‘to identify and freeze accounts receiving illicit flows 2. to submit the mandate and account details of these accounts held in Naira or foreign currency to the CBN for onward reporting to the security agencies’.