Banks Order Staff to Monitor Accounts Used for Crypto Trade

Commercial banks have instructed their staff to commence monitoring of accounts suspected to be used for trading cryptocurrencies in the country.

The move was to comply with the directive of the Central Bank of Nigeria (CBN) on this development.

The CBN had earlier this year moved against crypto trading in the country, directing banks to close the accounts of individuals involved in cryptocurrency transactions. It had subsequently frozen the accounts of some individuals as well as companies which it said contravened the directive.

Leadership citing an internal memo in one of the commercial banks in the country, reported that the apex bank  directed staff to commence monitoring of accounts with high volume transactions or any that are suspected to be used for trading cryptocurrencies.

The memo stated “we wish to reiterate that the CBN is strictly monitoring non-compliance with the directive on the closure of all accounts involved in cryptocurrency for high impact regulatory sanction.

“In view of the above, all staff are hereby advised to identify entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

“Any member of staff who willfully does not disclose an account used for cryptocurrency transactions in order to enable such an account to be closed will be sanctioned in line with the provisions of the bank’s sanctions grid.