The Nigerian senate passes a new bills to banks as it mandates them to report any deposit over N5m (5 million naira) to the Economic and Financial Crimes Commission (EFCC).
In a bid to fight against the practice of money laundering in Nigeria, the national assembly has amended the Money Laundering Act 2011 .
It was gathered that the new amendment is also binding to other financial institutions and not just to banks alone.
According to source, newly amended bill made it compulsory for banks and financial institutions to report deposited transactions above N5 million by an individual and N10 million for a corporate firm.
This report will be done in writing and sent to a proposed Special Control Unit Against Money Laundering – to be domiciled under the Economic and Financial Crimes Commission (EFCC).
Section 11(3) reads:
“any financial institution or designated non-financial business and profession that contravenes the provisions of this section commits an offence and is liable on conviction to a fine of not less than N250,000 and not more than N1m for each day the contravention continues.”