Section 6: Suspicious transaction reporting (As amended by Money Laundering (Prohibition) (Amendment ) Act

(1) Where a transaction
(a) involves a frequency which is unjustifiable or unreasonable;
(b)
is surrounded by conditions of unusual or unjustified complexity;
(c) appears to have no economic justification or lawful objective; or
(d) in the opinion of the Financial Institution or Designated Non-Financial Institution involves terrorist financing or is inconsistent with the known transaction pattern of the account or business relationship, that transaction shall be deemed to be suspicious and the Financial Institution involved in such transaction shall seek information from the customer as to the origin and destination of the fund, the aim of the transaction and the identity of the beneficiary.
(2) A Financial Institution or Designated Non-Financial Institution shall immediately report any suspicion transaction to the Economic and Financial Crimes Commission (EFCC);
(a) draw up a written report containing all relevant information on the matters mentioned in sub-section (1) of this section together with the identity of the principal and, where applicable, of the beneficiary or beneficiaries;
(b) take appropriate action to prevent the laundering of the proceeds of a crime or an illegal act; and
(c) send a copy of the report and action taken to the Commission.
(3) The provisions of sub-sections (1) and (2) of this section shall apply whether the transaction is completed or not.
(4)
The Economic and Financial Crimes Commission (EFCC) shall acknowledge receipt of any disclosure, report or information received under this section and may demand such additional information as it may deem necessary.
(5) -
(a) The acknowledgement of receipt shall be sent to the Financial Institution or Designated Non-Financial Institution within the time allowed for the transaction to be undertaken and it may be accompanied by a notice deferring the transaction for a period not exceeding 72 hours,
(b) Notwithstanding the provisions of paragraph (a) of this sub-section, the Chairman of the Economic and Financial Crimes Commission or his authorized representative shall place a Stop Order not exceeding 72 hours, on any account or transaction if it is discovered in the course of their duties that such account or transaction is suspected to be involved in any crime.
(6) If the acknowledgment of receipt is not accompanied by a stop notice, or where the stop notice has expired and the order specified in subsection (7) of this section to block the transaction has not reached the Financial Institution or Designated Non-Financial Institution, it may carry out the transaction.
(7) Where it is not possible to ascertain the origin of the funds within the period of stoppage of the transaction, the Federal High Court may, at the request of the commission, or other persons or authority duly authorized in that behalf, order that the funds, accounts or securities referred to in the report be blocked.
(8) An order made by the Federal High Court under sub-section (7) of this section shall be enforced forthwith.
(9) A financial institution or Designated Non-Financial Institution which fails to comply with the provisions of sub-sections (1) and (2) of this section commits an offence and is liable on conviction to a fine of N1,000,000 for each day during which the offence continues.
(10)
The directors, officers and employees of Financial Institutions and Designated Non-Financial Institutions who carry out their duties under this Act in good faith shall not be liable to any civil or criminal liability or have any criminal or civil proceedings brought against them by their customers.