Banks Shut Doors On BDCs, Politically-Exposed Persons

Amidst intensified anti-corruption siege on banks by the Economic and Financial Crimes Commission, EFCC, Bureaux de Change, BDCs, may have come under severe vetting by the banks with indications that some of them would have their accounts closed.

investigations also reveal that bankers are now keeping close watch on their marketers with a view to compelling strict adherence to the banks’ Know-Your-Customer, KYC, rules where abuses may attract a sack. The Central Bank of Nigeria, CBN, headquarters, Abuja Industry operators say the developments were sequel to recent revelations in some of the corruption probes which indicted about seven banks as active collaborators in the fraudulent transactions involving some public officers.

The BDCs were also said to have been heavily involved in several foreign currency denominated corruption cases currently under investigation by the EFCC, with some banks alleged to be working with the BDCs.