WHAT IS ADRAPS FTR REPORT?
ADRAPS stands for ANTI-MONEY LAUNDERING/COMBATING THE FINANCING OF TERRORISM (AML/CFT) DATA RENDITION AND PROCESSING. ADRAPS Reports comprise of three (3) reports;
● ADRAPS Foreign Currency Transaction Report (ADRAPS FTR)
● ADRAPS Politically Exposed Persons Report (ADRAPS PEP)
● ADRAPS Three Tiered Know Your Customer Report (ADRAPS KYC)
Foreign Currency Transactions are transactions denominated in a currency other than the local (domestic) currency of the country in which the banking office is located. In compliance with section 2(1) of the MLPA, 2011, financial institutions are required to render reports 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 US$10,000 or its equivalent to the Central Bank of Nigeria (CBN),
WHAT ARE THE FTR TYPES?
The Foreign transaction types are; Cash Deposit, Cash Withdrawal, Cheque operations, Transfers and FXFT. Here in ADRAPS FTR, only transaction files are generated.
Cash Deposit
This refers to the deposit of foreign currencies into domiciliary accounts.
Cash Withdrawal
This is a transaction in which a customer receives money (in foreign currency).
Cheques
Transactions here refer to foreign transactions involving the use of a cheque. Cheque operations can be inward or outward.
Internal Transfer
This refers to internal transfer of money in foreign denomination between customers of the same reporting bank.
FXFT (Foreign Exchange Foreign Transaction)
FXFT refers to the sale or purchase of foreign currencies. This transaction involves the currencies of two countries . Simply put, the foreign exchange transaction is an agreement of exchange of currencies of one country for another at an agreed exchange rate on a definite date. FXFT transactions can either be Inward or Outward.
ADRAPS FTR REPORT OPERATIONS
The operations pertaining to ADRAPS FTR on the Compliance Planet are three (3);
- Generating Transaction Reports
- Generating XML
- Analysing transactions
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