Banks Charge Employees With Monitoring Cryptocurrency Trading Accounts

<p>Commercial banks in the country have instructed their employees to begin monitoring accounts suspected of being used for cryptocurrency trading.</p> <p>This was done in accordance with the Central Bank of Nigeria's (CBN) directive regarding this development.</p> <p>The CBN took action against cryptocurrency trading in the country earlier this year, instructing banks to close the accounts of individuals engaged in cryptocurrency transactions. It then frozen the accounts of a number of individuals and businesses that it claimed were in violation of the directive.</p> <p>According to an internal memo obtained by LEADERSHIP, staff at one of the country's commercial banks were directed to begin monitoring accounts with high volume transactions or those suspected of being used for cryptocurrency trading.</p> <p>According to the memo obtained by LEADERSHIP, "we wish to reiterate that the CBN is closely monitoring non-compliance with the directive on the closure of all cryptocurrency-related accounts for the purpose of imposing severe regulatory sanctions."</p> <p>"In light of the foregoing, all staff members are hereby advised to identify entities transacting in or operating cryptocurrency exchanges within their systems and to immediately close such accounts."</p> <p>"Any member of staff who wilfully fails to disclose a cryptocurrency account in order to close it will be sanctioned in accordance with the bank's sanctions grid."</p> <p>All bank employees are expected to participate in monitoring accounts, transactions, and customers in order to keep the bank safe and secure from criminals, organised gangs, money launderers, and financiers of terrorism."</p> <p>Accounts with a high volume of daily transactions without a regulatory payment licence, as well as those with virtual or cryptocurrency in their memorandum of association, would be flagged.</p> <p>Additionally, personal accounts used for business purposes, accounts with a high volume of daily inflow and outflow, and small businesses with daily transacti