File report of transaction above 10,000 Dollars, Governor directs all banks

[Elisabeth Janaina]

      

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File report of transaction above 10,000 Dollars, Governor directs all banks

CRNSaturday, March 18, 2017 - 08:59

 File a report to Supervision Department of any single cash transaction above ten thousand US Dollars or equivalent to Pounds, the Governor of Central Bank directs all banks and financial institutions. 

Othom Rago Ajak says each customer has to complete “Form B Large Cash Transaction Declaration when they come with large cash transaction. The Governor says dealing with large cash transaction should be done according to the law governing the operation of the financial system in the country.

 He warns that dealing in large cash can be risky and vulnerable to money laundering activities. Governor Rago says the guideline also requires banks and non banks to identify any client dealing in large cash and report it to relevant authorities.

 The Governor warns that violators shall be penalized according to Anti-Money Laundering and Counter Terrorist Financial Act, 2012 and the provisions of the Administrative and Financial penalties regulation 2011.