Regulatory Alerts2019-08-01
Explanatory Notes of Currency Transaction Report/Cash Based Online Reporting Template for Hospitality Firms, Supermarkets and Casinos
SCUML mandates hospitality firms, supermarkets, and casinos to submit Currency Transaction Reports via a standardized online template for transactions exceeding N5 million (individuals) or N10 million (body corporates). The template is divided into beneficiary and agent sections, requiring precise data entry for customer identification, transaction dates, payment modes, locations, and currency specifications. This structured reporting framework ensures accurate regulatory tracking of cash inflows and outflows across designated commercial sectors.
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