Banks duty of confidentiality

DID YOU KNOW THAT…?

Your bank owes you the duty of confidentiality, however, there are certain exceptions, one of which is in the Money Laundering (Prohibition) Act, 2011.

Section 10 of Money Laundering (Prohibition) Act, 2011

(1) Notwithstanding anything to the contrary in any other law or regulation, a Financial Institution or Designated Non-Financial Institution shall report to the Commission in writing within 7 and 30 days respectively any single transaction, lodgement or transfer of funds in excess of –

(a) N5,000,000.00 or its equivalent, in the case of an individual; or

(b) N10,000,000.00 or its equivalent in the case of a body corporate.

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chas
Author: chas