Regulatory Alerts2007-05-11 | TED-FEM-GEN-FPC-01-53-07Re: Rendition of Returns by Banks Operating Bureaux De Change (BDC) Windows Through eFASS.
Starting from May 2007, all Authorised Dealers operating Bureau de Change (BDC) windows must submit their monthly returns electronically via eFASS. This replaces the previous practice of submitting hard copies. Failure to comply may result in sanctions such as suspension from Foreign Exchange Market. The Trade & Exchange Department directs this change.
09 61637804 09 61637802 E-mail address:ted@cenbank.org TED/FEM/FPC/GEN/01/055/07 May 9, 2007 TO: All Authorised Dealers RE: RENDITION OF RETURNS BY BANKS OPERATING BUREAUX DE CHANGE (BDC) WINDOWS THROUGH eFASS Further to the circular Ref: TED/AD/102/2006 dated July 11, 2006 all Authorised Dealers operating BDC windows are hereby required to commence rendition of their monthly returns via eFASS, with effect from May 2007 returns.
For the avoidance of doubt, the rendition of returns on Formats MTR315, MTR202, DTR217 and MTR305 by Banks' BDC windows are to be done electronically using eFASS, thus, bringing to an end the current practice of making returns in hard copies. All affected Authorised Dealers are enjoined to comply accordingly, failing which appropriate sanctions, including suspension from Foreign Exchange Market shall apply.
O. O. AKANJI (MRS.) DIRECTOR TRADE & EXCHANGE DEPARTMENT