Section 14: Offences relating to financial malpractices.

(1) A person who, being an officer of a bank or other financial institution or designated non-financial institution-
(a) fails or neglects to secure compliance with the provisions of this Act; or
(b) fails or neglects to secure authenticity of any statement submitted pursuant to the provisions of this Act, commits an offence and is liable on conviction to imprisonment for a term not exceeding 5 years or to a fine of five hundred thousand naira (N500,000) or both such imprisonment and fine.
(2) Subject to the provisions of section 174 of the Constitution of the Federal Republic of Nigeria, 1999 (which relates to the power of the Attorney-General of the Federation to institute, continue, takeover or discontinue criminal proceedings against any person in any court of law), the Commission may compound any offence punishable under this Act by accepting such sums of money as it thinks fit, exceeding the maximum amount to which that person would have been liable if he had been convicted of that offence.
(3) All moneys received by the Commission under the provisions of subsection (2) of this section shall be paid into the Consolidated Revenue Fund of the Federation.