Senate amends Money Laundering Act, banks to report deposits to EFCC

The Senate, on Wednesday, passed a bill to amend the Money Laundering Act 2011, which makes it mandatory for Deposit Money Banks and other financial institutions to report to the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission, any single transaction or lodgements in excess of N5m for an individual, and N10m in the case of a corporate body.

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