By Seun Ibiyemi
The Association of Bureau De Change Operators of Nigeria (ABCON) has thrown its weight behind recent sanctions imposed by the United States against individuals accused of financing terrorism, while stressing that the action should not be interpreted as a reflection of the entire Bureau De Change (BDC) industry.
ABCON President, Aminu Gwadabe, stated this in a statement issued on Wednesday, reaffirming the association’s commitment to transparency, accountability and strict compliance with regulatory requirements.
Gwadabe condemned terrorism and all forms of terrorism financing, describing the sanctions announced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) as a reminder of the need for heightened vigilance across the financial sector.
According to him, all segments of the financial system, including foreign exchange operators, have a responsibility to strengthen controls against illicit financial activities.
“The overwhelming majority of licensed BDC operators comply with Nigerian laws and regulatory requirements,” Gwadabe said.
He noted that licensed operators remain committed to maintaining high standards of transparency and accountability, adding that ABCON is working closely with regulators and security agencies to bolster anti-money laundering and counter-terrorism financing measures.
The ABCON president identified the Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU) and law enforcement agencies as key partners in the effort to safeguard the integrity of the financial system.
He disclosed that the association was strengthening compliance frameworks through enhanced Know-Your-Customer (KYC) procedures, improved sanctions screening mechanisms, suspicious transaction reporting and the deployment of automated compliance systems.
Gwadabe also highlighted continuous staff training and closer collaboration with regulatory authorities as critical tools in combating financial crimes and preventing the misuse of the foreign exchange market.
He reiterated the association’s zero-tolerance stance on illicit financial transactions and urged operators within the industry to embrace self-regulation and best practices.
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“ABCON remains committed to preserving the integrity, transparency and credibility of Nigeria’s foreign exchange market,” he said.
“We support all lawful efforts to identify, investigate and sanction any individual involved in terrorism financing.”
Gwadabe further pledged the association’s continued cooperation with regulators, security agencies and international partners, noting that such collaboration would help protect compliant operators while supporting global anti-money laundering standards.
He added that maintaining confidence in Nigeria’s foreign exchange market remains a top priority for the association and its members.
