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The Central Bank of Nigeria (CBN) has ordered all payment service banks (PSBs) in the country to file any suspicious transaction and report to the Nigerian Financial Intelligence Unit (NFIU).
The CBN gave the directive in a circular, titled: “Supervisory framework for Payment Service Banks”, adding that the PSB shall identify and file suspicious transaction reports to the NFIU, where funds, assets or property are suspected to have been derived from criminal activities such as terrorism, including terrorist financing; cybercrime; tax crimes, related to direct taxes and indirect taxes.
“A PSB shall investigate suspicious transactions and report their findings to the NFIU immediately, in compliance with the provision of section 6(2)(c) of Money Laundering (Prohibition) Act, 2011 (as amended).All suspicious transactions, including attempted transactions are to be reported regardless of the amount involved”,it said
It added that a PSB in a business account with a politically exposed person (PEP) shall flag the account red in the event of any transaction that is abnormal and report such activity to the NFIU as a suspicious transaction.
The apex bank said any PSB that refuses to warn the owner of the funds involved in a suspicious transaction or refrain from making report to the NFIU is liable to a conviction of not less than N10 million or banned indefinitely or for a period of five years from practicing his/her profession
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