Section 5: Occasional cash transaction by designated non-Financial Institutions.

(1) A Designated Non-Financial Institution whose business involves the one of cash transaction shall-
(a) (a) in the case of:
(i) a new business, before commencement of the business;
(ii) existing business, within 3 months from the commencement of this Act, submit to the Ministry a declaration of its activities;
(b)
prior to any transaction involving a sum exceeding US$1,000 or its equivalent, identify the customer by requiring him to fill a standard data form and present his international passport, driving license; national identity card or such other document bearing his photograph as may be prescribed by the Ministry;
(c)
record all transaction under this section in chronological order, indicating each customers surname, forenames and address in a register numbered and forwarded to the Ministry.
(2) The Ministry shall forward the information received pursuant to subsection (1) of this section to the Commission within 7 days of its receipt.
(3) A register kept under sub-section (1) of this section shall be preserved for at least 5 years after the last transaction recorded in the register.
(4) The Minister may make regulations for guiding the operations of Designated Non-Financial Institutions under this section.
(5) Notwithstanding the provisions of sub-section (2) of this Section, the Commission shall have powers to demand and receive reports directly from Designated Non-Financial Institutions.
(6) A Designated Non-Financial Institution that fails to comply with the requirements of customer identification and the submission of returns on such transaction as specified in this Act within 7 days from the date of the transaction commits an offence and is liable on conviction to
(a) a fine of N250,000 for each day during which the offence continues; and
(b)
suspension, revocation or withdrawal of license by the appropriate licensing authority as the circumstances may demand.