Banks to report abnormal transactions by governors, others to EFCC – Daily Trust
November 2, 2009 by Bunmi Awolusi
Financial institutions in the country, especially the banks, have been directed by the Central Bank of Nigeria to report any abnormal transactions from all political office holders and members of their families to the Economic and Financial Crime Commission (EFCC).
Specifically, banks are to report to the EFCC and other relevant authorities’ abnormal transactions involving heads of State or government, Governors, local government chairmen, senior politicians, Senior government officials and judicial or military officials.
Others to be reported are the senior executives of state owned corporations, important political party officials, family members or close associates of politically exposed person (PEP) and members of royal families.
In a revised CBN anti-money laundering/counter terrorism financing (AML/CFT) manual pasted on the CBN’s website yesterday, financial institutions are required to put in place appropriate risk management systems to determine whether a potential customer or existing customer or the beneficial-owner is a politically exposed person.
