Large Bank Transactions to be Reported to Intelligence Centre
All cash deposits and withdrawals at banks exceeding 200,000 Br in local currency and 10,000 dollars or equivalent in other currencies are required to be reported to the Financial Intelligence Centre (FIC), effective March 4, 2010, according to the Customer Due Diligence of Banks Directive.
Five weeks on, however, the FIC Office is still under organisation. It expects to receive all reports as of the indicated date once it starts functioning, according to an official at the office.
The directive is in agreement with the Banking Business Proclamation and the Prevention and Suppression of Money Laundering and Financing of Terrorism Proclamation, the official told Fortune.
“This is something conducted in other countries and has become a global practice,” a senior banking official at a private bank told Fortune. “The introduction of the practice is late.”
Transactions that exceed the limit indicated in the directive occur often at the banks, and the data will be compiled and reported to the FIC as required.
“We are still reviewing the directive, and I can not say much on it,” said another senior executive at a private bank.
The FIC will receive the reports and analyse and process the financial information received from the banks.
“We will do this with the utmost care and responsibility,” said Alemseged Atnafu, former vice governor of the National Bank of Ethiopia (NBE) and current director of the FIC.
Measure said to curtail money laundering, terrorism