Regulatory Alerts2017-05-08 | OFISD/DIR/CIR/GEN/17/128Rendition of Returns on Anti-Money Laundering and Combatting Financing of Terrorism (AML/CFT)
The Central Bank of Nigeria (CBN) has issued a reminder to all banks and other financial institutions (OFIs) regarding the mandatory submission of regular Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) returns. OFIs are required to submit various AML/CFT reports, including Currency Transaction Reports (CTRs), Suspicious Transaction Reports (STRs), Foreign Currency Transaction Reports (FTRs), Risk Assessment Reports, PEPs lists, Employee Annual Training Program, Compliance Monitoring, and Three-Tiered KYC. Submission of these reports is to be done electronically by the 14th day after each reporting month or a NIL return will be rendered if no report is due in that period. Failure to comply with these requirements may result in appropriate sanctions, including revocation of operating licenses. For inquiries or further clarifications, please contact Mr. Haruna Bala Mustafa or Ahmed Shehu at the provided email addresses.