Page 12 - Inside Access-Oct 5th Edition

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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.
More information: conductandcompliance@accessbankplc.com
PAGE 12 INSIDE ACCESS | OCTOBER 2020 5TH EDITION