The Central Bank of Nigeria has warned Nigerian banks to be vigilant regarding transactions related to the Benin Republic due to intelligence that suggests the country is increasingly becoming a drug trafficking transit and consumption hub in West Africa.
This was disclosed in a circular sent to Nigerian banks titled “NEED TO IMPLEMENT ENHANCED MEASURES FOR CUSTOMER ON-BOARDING AND DUE DILIGENCE ON EXISTING ACCOUNTS AND TRANSACTIONS RELATED TO BENIN REPUBLIC”, signed by Asuquo Evelyn E. for the Director Of Banking Supervision.
The apex bank called for additional measures such as re-classify related customers and conducting Enhanced Due Diligence. CBN also asked Nigerian banks to strengthen its Know Your Customer (KYC) and Customer Due Diligence (CDD) policies, as mandated by regulation.
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