Insurance Industry Migrates To Suspicious Transactions Reporting

In furtherance of their responsibilities under the Anti-money Laundering and Financial Terrorism Act, insurance companies in the country are now transiting from Cash Transactions Reporting (CTR) to Suspicious Transactions Reporting (STR). The Director of the Nigerian Financial Intelligence Unit (NFIU), Mrs. Juliet Ibekaku, disclosed this at the Sensitization Programme on Anti-Money Laundering and Combat of Financing of Terrorism Control Measures for Insurance Companies in Lagos yesterday. She said the migration became necessary to enable the fraud prevention unit to identify and stop transactions that may be injurious to the economy in this regard.


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