The Central Bank of Nigeria has announced plans to deploy undercover operatives across bureau de change, BDC, outlets as part of a nationwide compliance sweep targeting money laundering and terrorism financing.
In a circular issued Thursday and signed by the Director of Compliance, Amonia Opusunju, the apex bank confirmed that “mystery shopping” exercises would begin immediately.
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The covert strategy, which is widely used to gauge service quality and regulatory adherence, will see undercover compliance officers assess whether BDC operators are meeting obligations such as customer identification, know-your-customer, KYC, protocols, and prompt reporting of suspicious transactions.
The move forms part of the CBN’s broader efforts to tighten oversight on illicit financial flows and improve transparency within the currency exchange sector.
Licensed BDCs have been put on notice, with the CBN warning that non-compliance could attract sanctions.
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