Page 11 - INSIDE ACCESS AUGUST 21-3RD EDITION

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The 7 Commandments of FX
Operations in this New FX Regime
The Central Bank of Nigeria recently instituted a new regime on forex sales to customers. The following 7 commandments are the “Do nots” when rendering FX operations:
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Do not process
forex for customers without the approved documents
Do not encourage or allow round trading. If noticed during a customer’s transaction, please flag as suspicious and file an SAR.
Dissuade from personal trading of forex
Do not forget that unjustified rejections of customer’s requests are not allowed
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Do not use your personal accounts whether staff or private to buy forex for customers
Do not hoard forex in the Bank
Do not sell forex only to High Net worth Individuals (HNIs)
More information:
globalcomplianceadvisory&Support@accessbankplc.com