Nigeria's EFCC warns DNFBPs to comply with the Money Laundering Prohibition Act, reporting transactions above specified thresholds.

The Economic and Financial Crimes Commission (EFCC) of Nigeria has warned Designated Non-Financial Businesses and Professions (DNFBPs) such as casinos and real estate agents to comply with the Money Laundering Prohibition and Prevention Act of 2022. The EFCC highlighted the need for these businesses to report transactions above N5 million (approx. $11,700) for individuals and N10 million (approx. $23,400) for corporations, as part of efforts to combat money laundering and terrorism.

September 05, 2024
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