The Economic and Financial Crimes Commission (EFCC) has
warned Nigerians against the use Virtual, Crypto Currencies and any associated
dealings with them. This is coming weeks after the crash of Mavrodi
Mondial Moneybox (MMM).
"Be Warned! Virtual Currencies are NOT Legal Tenders. The #EFCC
Advises against Crypto Currencies and Any Associated Dealings", the commission
wrote on its Twitter handle.
Recall that Central Bank of Nigeria (CBN) has earlier barred
Nigerians from the use of virtual currencies.
The circular stated in part: "The attention of banks
and other financial institutions is hereby drawn to the above risks and you are
required to take the following actions pending substantive regulation decision
by the CBN.
"Ensure that you do not use, hold, trade, and/ or
transact in anyway in virtual currencies; Ensure that existing customers, that
are virtual customers exchangers, have effective AML/CFT controls that enables
them to comply with customers’ identification, verification and transaction
monitoring requirements."
Others directives include: "Where banks or financial
institutions are not satisfied with controls put in place by the virtual
currency exchangers/customers the relationship should be discontinued
immediately, and lastly, Any suspicious transactions by these customers should
immediately be reported to the Nigerian Financial Intelligence Unit
(NFIU)."
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