Regulatory Alerts2007-01-25 | TED-FEM-GEN-FPC-01-012-07Submission of Returns Through the e-Fass
This circular serves as a final reminder that all banks and discount houses must comply with submitting daily returns through eFASS by 3pm of the next working day. Non-compliance from January 29, 2007 would lead to sanctions such as suspension from WDAS and decline of other CBN approvals, emphasizing the importance of using the electronic Financial Analysis and Surveillance System (eFASS) for monitoring purposes.
09 61636405 09 61636418 BSD/DIR/CIR/07/VOL/01 23 JANUARY, 2007 CIRCULAR TO ALL BANKS AND DISCOUNT HOUSES SUBMISSION OF RETURNS THROUGH THE eFASS It would be recalled that the live-run of the electronic Financial Analysis and Surveillance System (eFASS) commenced with effect from October 3, 2006. The various returns were designed to enable the CBN/NDIC monitor effectively, the performance of the Reporting Institutions. The Management of the CBN has however noted with deep concern, the failure of many banks and discount houses to render most of the returns particularly the daily returns. All the institutions are hereby reminded that they must submit all their daily returns not later than 3.00 pm of the following working day. We wish to emphasize that this is the last reminder as failure to ensure compliance with the above with effect from January 29, 2007 would attract appropriate sanctions which would include, but not limited to, suspension from the WDAS and the decline of other requests for CBN approvals. O. I. Imala Director, Banking Supervision Department