The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to approve the association’s proposed training institute so as to provide more avenues for capacity building of its members. President of ABCON, Alhaji Aminu Gwadabe, made the appeal in his address at the Annual General Meeting (AGM) of the association held virtually in Lagos, yesterday. He stated that the event, which had as its theme: “BDCs’ operations:
A trillion naira sub-sector, issues of formalisation, regulations and way forward,” was organised by ABCON to highlight the key roles and position of the BDC sub-sector in the Nigerian economy as well as the challenges faced by operators. According to him, the current ABCON management is committed to capacity building of the association’s members as part of efforts to stimulate competency in the sector.
He said: “The association has, on its own, organised trainingsforitsmembers, and also partnered with Nigerian Financial Intelligence Unit (NFIU) and theEconomicand Financial Crimes Commission (EFCC) to build capacity for operators. “We have educated BDC operators on how they can help in tackling money laundering, terrorist financing and the benefits of keeping records of their transactions.
“Its goal is to ensure that BDCs are not used to launder funds by politically exposed persons, especially at this period of electioneer ing. We are also upscaling BDCs’ compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for banks and other financial institutions in Nigeria regulations.
“BDCs can now raise and submit both the Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs) to regulators.” Continuing, he said: “We also appeal to the CBN to approve the ABCON Training Institute to provide more avenue for continues training of our members on current trends in illicit financial flows and anti-terrorist financing. “ABCON appeals to CBN to issue letter of consent to our proposed training institute. This is going to boost the current ABCON management commitment to capacity building of its members meant to stimulate competency in the sector.”