Section 84: Obligation to report suspicious transactions. Act No. 11, 2011.

(1) Subject to the provisions of the Money Laundering (Prohibition) Act, a financial institution or designated non-financial institution shall, within 24 hours, forward reports of suspicious transactions relating to terrorism or terrorism financing, or proliferation financing to the NFIU, which shall immediately process and forward the information to the relevant agency, where there are sufficient reasons to suspect that the funds—
(a) are derived from legal or illegal sources, and are intended to be used for an act of terrorism or terrorism financing, or proliferation financing;
(b) are proceeds of a crime related to terrorism or terrorism financing, or proliferation financing; or
(c) belong to a person, entity or organisation considered as terrorist.
(2) A financial institution or a designated non-financial institution is not liable for violation of the confidentiality rules for any lawful action taken in furtherance of its obligations under subsection (1).
(3) A breach of the provisions of this section is an offence under this Act, and is liable on conviction to—
(a) in the case of a director, chief compliance officers, or other employees—
(i) imprisonment for a term of not more than five years,
(ii) a fine of at least N5,000,000, or
(iii) both fine and imprisonment; and
(b) in the case of a financial institution or non–financial institution—
(i) a fine of at least N10,000,000 and N1,000,000 for every day the offence persists,
(ii) the withdrawal of licence or forfeiture of assets of the institution, or
(iii) all the prescribed penalties.
(4) The officer responsible for this breach may also be referred by the NFIU to the appropriate regulatory or professional body for disciplinary action, including withdrawal of certificates and debarment from practising the profession for a period of at least five years.
(5) Where a breach of the provisions of subsection (1) occurs and it is shown that the breach was not intentional, and that adequate measures were put in place by the financial institution or the designated non-financial institution to prevent the breach from occurring, the NFIU, in consultation with the regulator or the self-regulatory organisation responsible for the financial institution or designated non–financial institution shall impose such administrative sanctions, as it may consider necessary.
(6) The NFIU, Sanctions Committee and relevant sector regulators shall publish, on their website and in any other form of publication as considered appropriate, the list of individuals and institutions penalised under this section.