Section 9: Internal procedures, policies and controls (As amended by Money Laundering (Prohibition) (Amendment ) Act

(1)
Every Financial Institution and Designated non-Financial Institution shall develop programmes to combat the laundering of the proceeds of a crime or other illegal act, and these shall include:
(a) the designation of compliance officers at management level at its headquarters and at every branch and local office;
(b) regular training programmes for its employees;
(c) the centralization of the information collected; and
(d)
the establishment of an internal audit unit to ensure compliance with and ensure the effectiveness of the measures taken to enforce the provision of this Act; and
(2) Notwithstanding the provisions of this Act or any other law, the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission or any other relevant regulatory authority may:
(a) impose a penalty of not less than N 1,000,000 for capital brokerage and other financial institutions and N5,000,000 in the case of Bank; and
(b)
in addition, suspend any licence issued to the Financial Institution or Designated Non-Financial Institution for failure to comply with the provisions of subsection (1) of this section.