#OBSCURELEGALFACTS BY AROME ABU
In Nigeria, financial institutions, car dealers, jewelry dealers, chartered accountants, audit firms, tax consultants, legal practitioners, hotels, casinos, supermarkets, etc, are required to verify the identity of their customers before establishing any other business relationship with the customer.
●Fine of N250,000 for each day during which the offence endures.
●Disciplinary action by relevant regulatory body.
See Section 3 & 5(6) of the Money Laundering Act (As amended).
Arome Abu is the Managing Partner of TCLP.
CAVEAT: Note that this information is provided for general enlightenment purposes and is not intended to be any form of legal advice.
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