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INFO ZONE Exceptions from
2020 AML/CFT Examinations
During the just concluded AML/CFT Examination of the Bank by the CBN, some cases of cheque splitting were observed.
The transactions were considered to circumvent the requirement of the CBN circular Ref: BOD/DIR/CIR/GEN/01/106 on Maximum Limit on Cheque Payment. The circular which stipulated inter alia “any payment value exceeding N10 million should be made through the e-Payment mode such as Central Bank interbank funds Transfer system (CIFTS i.e. RTGS) and Nigeria Inter-Bank Settlement System Electronic Funds Transfer (NEFT)with effect from January 1 2010.”
The observed cheque splitting was seen as an attempt to breach CTR reporting thresholds of transactions of N10m and above for corporate bodies and N5million and above for individuals.
In order to ensure there is no repeat exception on the subject, all staff, especially relationship managers are informed and advised to discourage their customers from splitting transactions and instead use alternative payment channels, such as the aforementioned.
However, in cases where customers insist on splitting their transaction, staff should ensure they file STR.
More information: conductandcompliance@accessbankplc.com
PAGE 13 INSIDE ACCESS | NOVEMBER 2020 2ND EDITION