Travelex Nigeria Limited, a subsidiary of Travelex UK, in collaboration with the Central Bank of Nigeria (CBN) and the Economic & Financial Crimes Commission (EFCC), has concluded plans to engage the Bureau De Change (BDCs) on international best practices.
The collaborative initiative is part of the efforts of Travelex and its partners towards ensuring transparency in the Nigerian foreign exchange (Forex) market.
To achieve this goal, a national seminar on best practices in the BDC segment of the foreign exchange market in Nigeria, scheduled to hold in Lagos today, will see the partners and other financial services regulatory authorities in the country coming together to discuss on how the operations of the BDC segment of the Forex market could be standardized in line with global best practices.
A statement issued by the General Manager, Travelex Nigeria, Anthony Enwereji, indicated that some of the topics to be discussed at the forum include, BDCs and anti-money laundering laws and regulations; and detection and prevention of illicit financial flows in election year.
Others are, international best practice in BDCs operations: How BDCs work in order climes; standard reporting guidelines on BDC returns; application of IT in facilitating BDC operations’, and ‘Practical effects of CBN policies on BDC operations’.
He listed some of the paper presenters at the seminar to include, the CBN Deputy Governor on Financial System Stability Directorate, Chairman Economic & Financial Crimes Commission, Director General, Nigeria Financial Intelligence Unit (NFIU); Managing Director, Nigeria Inter-Bank Settlement System (NIBSS); ABCON President, and experts from Travelex UK.
