Anti-Money laundering and Countering Financing of Terrorism regulations places obligations on financial institutions to detect and deter money laundering and terrorism financing. A financial institution is required to render an STR/SAR report to the Nigerian Financial Intelligence Unit within twenty-four hours and inform the CBN of same whenever it detects a known or suspected criminal violation of MLPA or a suspicious transaction related to money laundering activity or a violation of other laws & regulations.
A suspicious transaction is one for which there are reasonable grounds to suspect that the transaction whether or not made in cash is related to a money laundering offence or a terrorist activity financing offence. A suspicious activity refers to any observed behaviour or event that could indicate terrorism or terrorism-related crime.
STR/SAR OPERATIONS
Suspicions may arise from any branch of a financial institution. Upon any suspicion, there are processes that would kick-off to bring about an STR/SAR to be sent to the NFIU by the Compliance team. These processes are;
- Sending the SUSPICIOUS TRANSACTION REPORT or SUSPICIOUS ACTIVITY report to the compliance team
- Reviewing the SUSPICIOUS TRANSACTION REPORT or SUSPICIOUS ACTIVITY REPORT notification.
- Supervising the STR
- Reporting the transaction/activity
➔ To perform STR/SAR operations on the software, Click REPORT on the main dashboard as shown below
This will display a page as shown in fig. 6.1b below
(fig. 6.1b)
➔ All the processing desks have indicators that show if the desks have pending requests or not.
For further enquiries :
Tel +234(0) 816 555 9818
Email solutions@efuelite.com
