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The Central Bank of Nigeria has ordered the Payment Service Banks to report suspicious transactions to the Nigerian Financial Intelligence Unit.

todayJuly 9, 2021 9

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The Central Bank of Nigeria has ordered the Payment Service Banks to report suspicious transactions to the Nigerian Financial Intelligence Unit.

The CBN gave the directive on Thursday in a circular on the Supervisory framework for Payment Service Banks.

It said, a PSB shall report in writing any single transaction, lodgment or transfer of funds in excess of N5m and N10m or their equivalent made by an individual and corporate body respectively to the NFIU in accordance with section 10(1) of the MLPA, 2011 (as amended).

It added that in compliance with section 2(1) of the MLPA, 2011 as amended PSBs shall render reports in writing on transfers to or from a foreign country of funds or securities by a person or body corporate including a Money Service Business of a sum exceeding $10,000 or its equivalent to Central Bank of Nigeria and the NFIU within seven days from the date of the transaction.

Written by: EaglesFM

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