![]() It’s required that a suspicious activity be reported once it is first noticed. SAR assists NFIU in identifying trends and patterns relating to financial crimes. A description of the nature of the business and details of why the activity seems unusual for the customer. ![]() The term “suspect” is used to refer to a person conducting a suspicious activity. Reasons why the activity is suspicious and all information relating to the suspect. In the process of filing a SAR, quality information is essential for effective execution of the SAR. NFIU only allows for the chief operating officer and the Money laundering Reporting Officer of a financial institution to register on its website. The need to file a SAR arises when suspicious activities and violations of law are observed by any financial institution subject to the provision of the money laundry prohibited act 2011 (as amended) and other regulations. This framework, states that financial institutions and designated non-financial institutions also known as reporting entities are required to file a complete and sufficient SAR. ![]() The EFCC released a framework “Guidance to reporting institutions on preparing a complete suspicious transaction/activity report and filling electronically to Nigerian Financial intelligence unit 2014”. While a Currency transaction report (CTR) is a report filed with the NFIU to report cash transactions of over 5,000,000 (five million Naira) for individuals and 10,000,000 for corporate bodies in compliance with section 10(1) of the MLPA 2011 for all financial institutions. Under the Anti-Money Laundering/Combating the Financing of Terrorism legal framework (2011), financial and designated non-financial institutions are required to file a Currency Transaction Report (Section (2) Money Laundering Prohibition Act (MLPA) 2011), a Suspicious Transaction Report (Section (6) MLPA 2011) and Suspicious Report on Financing Of terrorism (Section (14) MLPA 2011.)Ī suspicious activity report is an instrument used to enable the NFIU investigate financial crimes while a currency transaction report is a report of all currency transactions sent to regulators.Ī suspicious activity report is a document that financial institutions and the designated non-financial institutions must file with the NFIU whenever there is a suspected case of money laundering to help monitor any illegal activities within the finance sector. It is an autonomous unit domicile within the central bank of Nigeria to provide credible financial intelligence against money laundering, terrorism financing and related crimes. NFIU was established under sections 1(2) and 12 (2) of the Economic and Financial Crime Commission Act. The national agency responsible to safeguard the Nigerian Financial System is the Nigerian Financial Intelligence Unit (NFIU). A LEGAL OPINION ON THE NEED AND REQUIREMENT TO FILE SUSPICIOUS ACTIVITY REPORTS AND CURRENCY TRANSACTION REPORTS AT THE NIGERIAN FINANCIAL INTELLIGENCE UNIT.
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