Section 11: Prohibition of numbered or anonymous account, accounts in fictitious names and shell banks

(1) The opening or maintaining of numbered or anonymous accounts by any person, Financial Institution or corporate body is prohibited.
(2)
A person shall not establish or operate a shell bank in Nigeria.
(3)
A financial institution shall:
(a) not enter into or continue correspondent banking relationships with shell banks; and
(b) satisfy itself that a respondent financial institution in a foreign country does not permit its accounts to be used by shell banks.
(4)
Any person, Financial Institution or corporate body that contravenes the provisions of subsections (1), (2) and (3) of this section, commits an offence and is liable on conviction to:
(a) in the case of an individual, a term of imprisonment of not less than 2 years but not more than 5 years; or
(b)
in the case of a financial institution or corporate body, a fine of not less than N10,000,000:00 but not more than N50,000,000, in addition to :
(i) the prosecution of the principal officers of the corporate body, and
(ii) the winding up and prohibition of its constitution or incorporation under any form or guise.