Section 30 Money Laundering Act

Section 30 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Interpretation. It provides as follows:

In this Act—
“account” means a facility or arrangement by which a financial institution—
(a) accepts deposits of currency ;

(b) allows withdrawals of currency or transfers into or out of the
account ;

(c) pays cheques or payment orders drawn on a financial institution or cash dealer by a person or collect cheques or payment orders on
behalf of a person ; or

(d) supplies a facility or an arrangement for a safe deposit box ;
“beneficiary” includes a natural or legal person or any other form of legal arrangement identified by the originator as the receiver of the requested cash or wire transfer ;
“beneficial owner” refers to—

(a) the natural person who ultimately owns or controls a customer ;

(b) the natural person on whose behalf a transaction is being conducted ; and

(c) a person who exercises ultimate effective control over a legal
person or arrangement ;

“business relationship” means an arrangement between a person and a financial institution or designated non-financial institution for the purpose of concluding a transaction ;

“Central Bank” means Central Bank of Nigeria ;

“Commission” means the Economic and Financial Crimes Commission ;

“competent authority” means any agency or institution concerned with combating money laundering and terrorist financing under this Act or under any other law or regulation ;

“correspondent banking” means the provision of banking services by one bank (the correspondent bank) to another bank (the respondent bank) ;

“casino” whether licenced or not includes an internet casino, a building or room used for meetings, entertainment, gambling or dancing and equipped with gambling devices, gambling tables ;

“designated non-financial business and profession” include—
(a) automotive dealers,
(b) businesses involved in the hospitality industry,