Regulatory Alerts2019-08-01
Explanatory Notes on eCTR Reporting Format for Non-Profit Organizations
The regulatory authority has mandated a standardized electronic Currency Transaction Report (eCTR) format for Non-Profit Organizations to align with the Money Laundering (Prohibition) Act 2011. The directive requires reporting for individual transactions exceeding five million naira, corporate transactions surpassing ten million naira, and cash-based exchanges above one thousand dollars or their Naira equivalent. The updated template standardizes data collection across five core sections, explicitly defining client sources, beneficiaries, and transaction dates while clarifying that tranche releases and project-specific expenses must be reported if they meet the financial thresholds.
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