Section 25: Interpretation. (AS AMENDED BY MONEY LAUNDERING (PROHIBITION) (AMENDED) ACT, 2012)

In this Act-
"account" means a facility or an 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;
"Agency" means National Drug Law Enforcement Agency;
"beneficiary" includes a natural or legal person or any other form of legal arrangement identified by the originator as the receiver of the requested 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 the 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);
"Designated Non-Financial Institution" means dealers in Jewellery, cars and luxury goods, chartered accountants, audit firms, tax consultants, clearing and settlement companies, legal practitioners, hotels, casinos, supermarkets, or such other businesses as the Federal Ministry of Commerce or appropriate regulatory authorities may from time to time designate;
"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" means banks, body association or group of persons, whether corporate or incorporate which carries on the business of investment and securities, a discount house, insurance institutions, debt factorization and conversion firms, 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 from time to time designate;
"funds" refer to "assets of every kind, whether tangible or intangible, movable or immovable, however acquired, and legal documents or instruments in any form, including electronic or digital, evidencing title to or interest in such assets, including but not limited to bank credits, travelers' cheques, bank cheques, money orders, shares, securities, bonds, drafts or letters of credit".
"Ministry" means the Federal Ministry of Commerce and
"Minister" means the Minister charged with responsibility for matters pertaining to commerce;
"Money Service Business" include 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, and the National Insurance Commission;
"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,
(c) persons who are or have been entrusted with a prominent function by an international organization and includes members of senior management such as directors, deputy directors and members of the board or equivalent functions other than middle ranking or more junior; individuals;
"Proceeds" means property derived from or obtained, directly or indirectly through the commission of an offence;
"Property" means assets of every kind, whether corporeal or incorporeal, moveable or immoveable, tangible or intangible 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" means competent regulatory authorities responsible for ensuring compliance of Financial Institutions and Designated Non-Financial Institutions 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; and "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;
"suspicious" means a matter which is beyond mere speculations and based on some foundation; and
"Terrorism Financing" is the 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, travelers' 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 CDs, 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 of financial 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.
"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.
(AS AMENDED BY MONEY LAUNDERING (PROHIBITION) (AMENDED) ACT, 2012)