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Banks shut doors on BDCs, politically-exposed persons

LAGOS — 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.

Vanguard 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.

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.

Copyright 2020 Naija Center News. All Rights reserved. This material, and other digital content on the website, may not be reproduced, published, broadcast, or rewritten or redistributed in whole or in part without prior express written permission from Naija Center.

Copyright 2020 Naija Center News. All Rights reserved. This material, and other digital content on the website, may not be reproduced, published, broadcast, or rewritten or redistributed in whole or in part without prior express written permission from Naija Center.

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