Nigerian banks have been warned by the Central Bank of Nigeria (CBN) to be cautious while dealing with transactions involving the Benin Republic.
NewsReport gathered that according to intelligence, the country is gradually becoming a drug trafficking, transit, and consumption centre in West Africa.
This was revealed in a circular addressed to Nigerian banks, headlined “NEED TO IMPLEMENT ENHANCED MEASURES FOR CUSTOMER ON-BOARDING AND DUE DILIGENCE ON EXISTING ACCOUNTS AND TRANSACTIONS RELATED TO THE BENIN REPUBLIC,” signed by Asuquo Evelyn E. for the Director of Banking Supervision.
The apex bank suggested additional measures such as re-classify related customers and conducting Enhanced Due Diligence. It also asked Nigerian banks to strengthen its Know Your Customer (KYC) and Customer Due Diligence (CDD) policies, as mandated by regulation.