Section 10: Mandatory disclosure by Financial Institutions. (As amended by Money Laundering (Prohibition) (Amendment ) Act

(1) Notwithstanding anything to the contrary in any other law or regulation, a Financial Institution or Designated Non-Financial Institution shall report to the Economic and Financial Crimes Commission in writing within 7 days any single transaction, lodgment or transfer of funds in excess of-
(a) N5,000,000 or its equivalent, in the case of an individual; or
(b) N10, 000,000 or its equivalent, in the case of a body corporate
(2) A person other than a Financial Institution may voluntarily give information on any transaction, lodgment or transfer of funds in excess of:
(a) N1,000,000 or its equivalent, in the case of an individual; or
(b) N5, 000,000 or its equivalent, in the case of a body corporate
(3) Any Financial Institution or Designated Non-Financial Institution that contravenes the provisions of this section commits an offence and is liable on conviction to a fine of not less than N250, 000 and not more than N 1 million for each day the contravention continues.