Regulatory Alerts2013-12-20 | FPR/DIR/GEN/ADM/01/011RE: Rendition of AML/CFT Returns to CBN
Effective January 31, 2014, all Nigerian banks must submit their Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) reports to either the Banking Supervision Department (BSD) or Other Financial Institutions Supervision Department (OFISD), depending on their classification. The attached list outlines the required AML/CFT returns, including Foreign Currency Transaction Reports, Employee Education and Training Programs, monitoring of employee conduct, and additional areas of AML/CFT risks.
09-46237401 E-mail: fprd@cbn.gov.ng 19th December, 2013 FPR/DIR/GEN/ADM/01/011 LETTER TO ALL BANKS AND OTHER FINANCIAL INSTITUTIONS RE: RENDITION OF AML/CFT RETURNS TO CBN Following the establishment of AML/CFT Divisions in Banking Supervision Department (BSD) and Other Financial Institutions Supervision Department (OFISD) of Central Bank of Nigeria (CBN), the AML/CFT offsite activities (hitherto carried out by Financial Policy and Regulation Department- FPRD) will now be undertaken by these Departments.
With effect from 31st January 2014, all Deposit Money Banks, Merchant Banks and Discount Houses are required to render their AML/CFT returns to BSD while other financial institutions should render same to OFISD.
For ease of reference; attached is the list of returns to be rendered as directed above, please.
DUNIYA, Y.B.
For: Director, Financial Policy and Regulation Department CENTRAL BANK OF NIGERIA ancial Policy & Regulation Department tral Business District LIST OF AML/CFT RETURNS RENDERED TO THE CBN 1.
Foreign Currency Transaction Reports (FTR) - Section 2 of MLPA, 2011 (as amended) Politically Exposed Persons (PEPs) - Regulation 18(4) of the CBN AML/CFT Regulations, 2013 3.
Foreign Branches and Subsidiaries - Regulation 22(4) of the CBN AML/CFT Regulations, 2013 4.
Employee Education and training Program - Semi-Annual and Annual - Regulation 37(7) of the CBN AML/CFT Regulations, 2013 5.
Employee Education and training Program - Quarterly - Regulation 37(4) of the CBN AML/CFT Regulations, 2013 6.
Monitoring of Employee Conduct - Regulation 38(4) of the CBN AML/CFT Regulations, 2013 7.
Additional areas of AML/CFT Risks - Regulation 40(1) of the CBN AML/CFT Regulations, 2013 8.
Additional Procedures and mitigants - Regulation 41 of the CBN AML/CFT Regulations, 2013 Testing For Adequacy of the AML/CFT Compliance - Regulation 42(2) of the 9.
CBN AML/CFT Regulations, 2013 10. Money Value Transfer (MVT) Services - Regulation 21(2) of the CBN AML/CFT Regulations, 2013 11. Financially Excluded Persons - Regulation 77(5) of the CBN AML/CFT Regulations, 2013 12. RBS Monthly Returns (Form 001) and Control Function Assessment (Form 002) 13. Returns on UNSCRs and other terrorist financing designated sanction lists 14. Returns on Dud Cheques Issued