Section 6 Money Laundering Act

Section 6 of the Money Laundering (Prevention and Prohibition) Act 2022 is about Occasional cash transaction by designated non-financial businesses and professions. It provides as follows:

(1) A designated non-financial business and profession whose business involves cash transaction shall—

(a) in the case of —
(i) a new business, before commencement of the business ; and
(ii) an existing business, within 3 months from the commencement of this Act, submit to the Special Control Unit against Money Laundering, a declaration of its activities ;

(b) prior to any transaction involving a sum exceeding US$1,000 or its equivalent, identify the customer by requiring him to fill a standard data form and present his international passport, driving license, national identity card or such other document bearing his photograph as may be prescribed by the Special Control Unit Against Money Laundering ; and

(c) record all transactions under this section in chronological order, indicating each customer’s surname, forenames and address in a register numbered and forwarded to the Special Control Unit Against Money Laundering.

(2) A register kept under subsection (1) shall be forwarded to the Unit and preserved for at least five years after the last transaction recorded in the register.

(3) A designated non-financial business and profession that fails to comply with the requirements of customer identification and the submission of returns on such transaction as specified in this Act within seven days from the date of the transaction commits an offence and is liable on conviction to—

(a) a fine of N250,000 for each day during which the offence continues ; and
(b) suspension, revocation or withdrawal of license by the appropriate licensing authority as the circumstances may demand.

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