Banks Get Order To Adopt XML Electronic System Before 30th
 of November
By Chinyere Amalu
 30th OCT 2006

THE Nigerian Financial Intelligent Unit (NFIU) has given all the 25 banks that met the N2.5 million capitalization order by the Central Bank of Nigeria, CBN, November 30th 2006, deadline to phase out Microsoft Excel in place of XML (Extensive Mark-Up) or face sanction.

The Director of NFIU, Mr. Bayo Okaru gave out this instruction last week in Abuja at a two-day training workshop which took place at EFCC training school Karu, for all the 25 banks on Standard XML Reporting Instructions and Specification for global banking system.

The purpose of the specification document is to provide reporting persons and entities with the requirements and conditions for creating compatible XML files using the provided XML-Schema for suspicious transaction reports (STRs) and Currency Transaction Reports (CTRs). According to Mr. Okaru, “recognizing a fixing programme on all the banks in the country on XML is to enable them make the system compatible with electronic system that the NFIU is deploying world wide. “This training has become important because banks have been sending data on Excel which makes it very difficult to verify data”.

He noted that bank were expected to send data on NFIU data that will be validated against NFIU customized Schema, adding that it is a way forward and looking at the best practices around the world and effort to make globally accepted FIU. XML will enable NFIU to have clean data that will make analysis easy. There is likelihood of sanctions to banks that are not in compliance before 30th of November. 

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