Regulatory Alerts2019-09-01
Operational Guidelines and Manual for Casinos as Designated Non-Financial Institutions in Nigeria
The Federal Ministry of Commerce and Nigeria's Special Control Unit against Money Laundering (SCUML) issued this manual to enforce the Money Laundering (Prohibition) Act 2004 across casinos, pool betting, and lottery operators. The guidelines mandate business registration, impose a N500,000 cash payment limit, require rigorous customer identification and risk-based due diligence, and establish reporting thresholds of N1,000,000 for single transactions alongside weekly currency and suspicious transaction reports. Operators must designate compliance officers, maintain internal audit controls, preserve records for five years, and face daily fines of up to N1,000,000 for non-compliance or false reporting.
Share