Nigeria: Money Laundering (Prevention and Prohibition) Act, 2022 was passed by Senate
Description
Money Laundering (Prevention and Prohibition) Act, 2022 was passed by Senate
On 16 March 2022, the Money Laundering (Prevention and Prohibition) Act, 2022 was passed by the Senate. The Act applies to financial institutions and designated non-financial businesses. It prohibits cash payments above NGN 5 million for individuals…
Scope
Policy Area
Consumer protection
Policy Instrument
User identification requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), other service provider
Implementation Level
national
Government Branch
legislature
Government Body
parliament
Complete timeline of this policy change
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2022-03-16
under deliberation
2022-05-04
adopted