Regulatory Alerts2019-08-01
Explanatory Note on the Reporting Template for Designated Non-Financial Institutions (Professionals)
SCUML requires designated non-financial institutions, including law and accounting firms, to report transactions exceeding a specified threshold using a standardized template. The template mandates precise documentation of client and customer details, identification types, transaction dates, locations, payment modes, and monetary values in Naira or foreign currency. Firms must clearly distinguish between direct beneficiaries and agents while accurately recording amounts received or paid to ensure compliance with anti-money laundering reporting obligations.
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