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