Letter to all Other Financial Institutiions (OFIs) on Rendition of Returns on Anti-Money Laundering and Combattting the Financing of Terrorism (AML/CFT)

Tel: 09-462-35439 E-mail: ofid@cenbank.org Our Ref: OFI/DIR/DOC/GEN/20/365 CENTRAL BANK OF NIGERIA Other Financial Institutions Supervision Department 33, Tafawa Balewa Way, Central Business District P. M. B. 0187 Garki, Abuja.

10th September, 2019 RE: LETTER TO ALL OTHER FINANCIAL INSTITUTIONS (OFIS) ON- RENDITION OF RETURNS ON ANTI-MONEY LAUNDERING AND COMBATTING THE FINANCING OF TERRORISM (AML/CFT) Further to our circular ref: OFISD/DIR/CIR/GEN/17/128 dated 2nd May, 2017 on the above subject (copy attached), we have observed with concern that many OFIs have not been rendering returns on Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) as required. This is contrary to the relevant provisions of the Money Laundering (Prohibition) Act (MLPA) 2011 (as amended) and CBN AML/CFT Regulations 2013. As indicated in the circular, all OFIs are required to render the following returns regularly in the prescribed format:

		Time/Frequency
Type of Return	Rendered To
S/N
1	Currency	Transaction	Reports	NFIU	Within 7 days
(CTRs)		Within 24 Hours
Suspicious	Transaction	Reports	NFIU
2	(STRs)	Within 24 Hours
3	Foreign	Currency	Transaction	CBN
	Reports (FTRs)
4	Risk Assessment Report	CBN	Monthly
5	Politically	Exposed	Persons	CBN and NFIU	Monthly
	(PEPs)	Annually
6	Employee Education and Training	CBN and NFIU
	Program	Quarterly
7	Compliance	with	Employee	CBN and NFIU

Training Program
8	Monitoring of Employee Conduct	CBN	Semi-annually
9	Three Tiered KYC	CBN and NFIU	Quarterly
10	Testing	for the Adequacy	of	CBN and NFIU	Annually
AML/CFT Compliance

In view of the foregoing, all defaulting OFIs are hereby strongly warned to render the returns without delay to avoid regulatory sanctions. The returns should be submitted electronically using the attached templates in EXCEL format to the e-mail addresses indicated in the circular.

For returns to the CBN, you are advised to submit through your corporate e-mail as the CBN has restricted all web-based e-mails such as YAHOO or GMAIL from its domain. Alternatively, you may liaise with your umbrella associations for assistance to submit the returns. Equally, OFIs are advised to contact NFIU for guidance on the submission of returns to its platform. Please note that failure to comply with the above directive will attract decisive sanctions in line with the CBN Administrative Sanctions Regulations 2018 which can be accessed from the CBN website at: www.cbn.gov.ng.

For enquiries, please contact:
1. Oluwafemi M. Ige (08069663317 or omige@cbn.gov.ng) 2. Yunusa Ibrahim (08037860504 or iyunusa@cbn.gov.ng)
3. Mustapha S. Ibrahim (08039162866 or msibrahim@cbn.gov.ng)
'Tokunbo Martins (Mrs.)
Director, Other Financial Institutions Supervision Department