Section 10 Money Laundering Act

Section 10 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Internal procedures, policies and controls. It provides as follows:

(1) Every financial institution and designated non-financial business and profession shall develop programmes to combat the laundering of the proceeds of a crime or other unlawful acts, and these shall include—

(a) the designation of compliance officers at management level at its headquarters and at every branch and local office ;
(b) regular training programmes for its employees ;

(c) the centralisation of the information collected ; and
(d) the establishment of an internal audit unit to ensure compliance with and effectiveness of the measures taken to enforce the provisions of this Act.

(2) Notwithstanding the provision of this Act or any other Law, the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission and the Special Control Unit Against Money Laundering may—

(a) impose a penalty not more than N1,000,000 for designated nonfinancial businesses and professions, not less than N1,000,000 for capital brokerage and other financial institutions and N5,000,000 in the case of a Bank ; and

(b) in addition, suspend any licence issued to the financial institution or designated non-financial business and profession, for failure to comply with the provisions of subsection (1).

[/membership]