The Central Bank of Nigeria (CBN) has issued a circular warning the use of individual or corporate accounts for illicit or illegal transactions involving international money transfer services without obtaining the appropriate license.
This becomes pertinent where these accounts are being utilized for paying receipts of such fund as in Nigeria.
Banks in Nigeria have been advising their customers to comply with the directive by avoiding the use of their accounts for transactions that can be linked to international money transfer operations.
Banks have the responsibility to report such accounts to the CBN and other regulatory authorities.
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