Section 30: Interpretation.

In this Act—
“account” means a facility or arrangement by which a financial institution—
(a) accepts deposits of currency;
(b) allows withdrawals of currency or transfers into or out of the account;
(c) pays cheques or payment orders drawn on a financial institution or cash dealer by a person or collect cheques or payment orders on behalf of a person; or
(d) supplies a facility or an arrangement for a safe deposit box;
“beneficiary” includes a natural or legal person or any other form of legal arrangement identified by the originator as the receiver of the requested cash or wire transfer;
“beneficial owner” refers to—
(a) the natural person who ultimately owns or controls a customer;
(b) the natural person on whose behalf a transaction is being conducted; and
(c) a person who exercises ultimate effective control over a legal person or arrangement;
“business relationship” means an arrangement between a person and a financial institution or designated non-financial institution for the purpose of concluding a transaction;
“Central Bank” means Central Bank of Nigeria;
“Commission” means the Economic and Financial Crimes Commission;
“competent authority” means any agency or institution concerned with combating money laundering and terrorist financing under this Act or under any other law or regulation;
“correspondent banking” means the provision of banking services by one bank (the correspondent bank) to another bank (the respondent bank);
“casino” whether licenced or not includes an internet casino, a building or room used for meetings, entertainment, gambling or dancing and equipped with gambling devices, gambling tables;
“designated non-financial business and profession” include—
(a) automotive dealers,
(b) businesses involved in the hospitality industry,
(c) casinos,
(d) clearing and settlement companies,
(e) consultants and consulting companies,
(f) dealers in jewelries,
(g) dealers in mechanised farming equipment, farming equipment and machineries,
(h) dealers in precious metals and precious stones,
(i) dealers in real estate, estate developers, estate agents and brokers
(j) high value dealers,
(k) hotels,
(l) legal practitioners and notaries,
(m) licensed professional accountants,
(n) mortgage brokers,
(o) practitioners of mechanised farming,
(p) supermarkets,
(q) tax consultants,
(r) trust and company service providers,
(s) pools betting, or
(t) such other businesses and professions as may be designated by the Minister responsible for Trade and Investment;
“false declaration” refers to a misrepresentation of —
(a) the value of the currency or bearer negotiable instrument being transported; and
(b) other relevant data required for submission in the declaration or otherwise requested by the authorities;
“financial institution” include banks, body corporates, associations or group of persons, whether corporate or incorporate which carries on the business of investment and securities, virtual asset service providers, a discount house, insurance institution, debt factorisation and conversion firm, bureau de change, finance company, money brokerage firm whose principal business includes factoring, project financing, equipment leasing, debt administration, fund management, private ledger service, investment management, local purchase order financing, export finance, project consultancy, financial consultancy, pension funds management and such other business as the Central Bank or other appropriate regulatory authorities may designate;
“funds” refers to assets of every kind whether tangible or intangible, movable or immovable, howsoever acquired and legal documents or instruments in any form, including electronic or digital, evidencing title to or interest in such assets, including bank credits, travelers’ cheques, bank cheques, money orders, shares, securities, bonds, drafts or letters of credit and virtual assets;
“Minister” means the Minister charged with responsibility for matters pertaining to Trade and Investment;
“Ministry” means the Federal Ministry of Industry, Trade and Investment;
“money service business” includes currency dealers, money transmitters, cheque cashers, and issuers of travelers’ cheques, money orders or stored value;
“Nigerian Financial Intelligence Unit (NFIU)” refers to the central unit responsible for the receiving, requesting, analyzing and disseminating to the competent authorities disclosures of financial information concerning the suspected proceeds of crime and potential financing of terrorism;
“other regulatory authorities” means the Securities and Exchange Commission, the National Insurance Commission and the Special Control Unit against Money Laundering;
“physical presence” in relation to shell banks, means having structure and management located within a country and not merely the existence of a local agent or low level staff;
“politically exposed persons (PEPs)” includes —
(a) individuals who are or have been entrusted with prominent public functions by a foreign country, for example Heads of State or Government, senior politicians, senior government, judicial or military officials, senior executives of State owned corporations and important political party officials,
(b) individuals who are or have been entrusted domestically with prominent public functions, for example Heads of State or of Government, senior politicians, senior government, judicial or military officials, senior executives of State owned corporations and important political party officials, and
(c) persons who are or have been entrusted with a prominent function by an international organisation and includes members of senior management such as directors, deputy directors and members of the board or equivalent functions and their family members and close associates, other than middle ranking or more junior individuals in the foregoing categories;
“proceeds” means property derived from or obtained, directly or indirectly through the conduct of an unlawful act;
“property” means assets of every kind, whether corporeal or incorporeal, moveable or immoveable, tangible or intangible, virtual and legal documents or instruments evidencing title to or interest in such assets;
“public officers” means individuals who are or have been entrusted with prominent public function, both within and outside Nigeria and those associated with them;
“regulators” mean competent regulatory authorities responsible for ensuring compliance of financial institutions and designated non-financial businesses and professions with requirements to combat money laundering and terrorist financing;
“shell bank” means a bank that is not physically located in the country in which it is incorporated-and licensed and which is unaffiliated with a regulated financial group that is subject to effective consolidated supervision;
“suspicious” means a matter which is beyond mere speculations and is based on some foundation;
“terrorism financing” means financial support, in any form, of terrorism or of those who encourage, plan or engage in terrorism;
“transaction” means—
(a) acceptance of deposit and other repayable funds from the public;
(b) lending;
(c) financial leasing;
(d) money transmission service;
(e) issuing and managing means of payment (for example, credit and debit cards, cheques, travellers’cheque and bankers’ drafts etc.);
(f ) financial guarantees and commitment;
(g) trading for account of costumer (spot-forward, swaps, future options, etc.) in—
(i) money market instruments (cheques, bills of exchange, etc.),
(ii) foreign exchange,
(iii) exchange interest rate and index instruments,
(iv) transferable securities, and
(v) commodity futures trading;
(h) participation in capital markets activities and the provision offinancial services related to such issues;
(i) individual and collective portfolio management;
(j) safekeeping and administration of cash or liquid securities on behalf of clients;
(k) life insurance and all other insurance related matters; and
(l) money changing.
“Unit” means the Nigerian Financial Intelligent Unit;
“virtual asset” means a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes but does not include digital representations of fiat currencies, securities and other financial assets; and
“wire transfer” means any transaction carried out on behalf of a natural person or legal originator through a financial institution by electronic means with a view to making an amount of money available to a beneficiary person at another financial institution, irrespective of whether the originator and the beneficiary are the same person.