The Central Bank of Nigeria has notified Nigerian banks to be watchful of 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 ONBOARDING AND DUE DILIGENCE ON EXISTING ACCOUNTS AND TRANSACTIONS RELATED TO BENIN REPUBLIC”, signed by Asuquo Evelyn E. for the Director Of Banking Supervision.
CBN also asks Nigerian banks to strengthen its Know Your Customer (KYC) and Customer Due Diligence (CDD) policies, as mandated by regulation.
The Central Bank further called for additional measures such as re-classify related customers and conducting Enhanced Due Diligence
