The Central Bank of Nigeria has warned Nigerian commercial banks to take extra precaution in relation to transactions originating from the Benin Republic following intelligence that suggests the country has increasingly become a drug trafficking transit and consumption hub in the West African sub-region.
CBN said this in a circular it sent to banks in the country, under the title titled “NEED TO IMPLEMENT ENHANCED MEASURES FOR CUSTOMER ON-BOARDING AND DUE DILIGENCE ON EXISTING ACCOUNTS AND TRANSACTIONS RELATED TO BENIN REPUBLIC”, which was signed by Asuquo Evelyn E. for the Director of Banking Supervision.
The central bank asked the banks to take additional measures including the re-classification of related customers and conducting Enhanced Due Diligence, and strengthening of the regulator’s Know Your Customer (KYC) and Customer Due Diligence (CDD) policies, as mandated by regulation.
