EXPERTS NIGERIA The new Nigerian law requires casinos to tighten AML controls 2 years ago Samuel Post Views: 363 Nigeria’s Federal Government has introduced stricter regulations for casino operations as part of its fresh move against money laundering. President Muhammadu Buhari assented Thursday to the Money Laundering (Prevention and Prohibition) Bill 2022, the Terrorism (Prevention and Prohibition) Bill 2022, and the Proceeds of Crime (Recovery and Management) Bill 2022. This package now prohibits ownership and operation of shell accounts in the national territory. The Money Laundering Act establishes a Special Control Unit against Money Laundering under the Economic and Financial Crimes Commission, which is to monitor financial transactions within and outside Nigeria. Per this new legislation, both online casinos and ship-based casinos will now have to verify the identity of any of its customers carrying out financial transactions by requiring its customer to present a valid original document bearing his name and address; record all transactions in chronological order including the nature and amount involved in each transaction; and each customer’s surname, forenames and address, in a register forwarded to the Special Control Unit against Money Laundering for that purpose. The register must be forwarded to the Unit and preserved for at least five years after the last transaction recorded in the register. Source: yogonet.com About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: controls, gambling law, Nigeria Continue Reading Previous KRA loses court tax fight with betting firmsNext Why People Love Gambling More Stories BETTING NIGERIA Three more ambassadors join King Kanu at Sportsbet.io 15 hours ago Szarlot EXPERTS NIGERIA The industries behind Nigeria’s economic explosion 2 days ago Samuel EXPERTS SOUTH AFRICA South African Regulator Grants Approval to 59 Crypto Platforms for Resident Services 2 days ago Samuel EXPERTS WORLD NEWS IOC and UEFA come together to protect sports betting integrity 3 days ago Szarlot EXPERTS KENYA How SiGMA’s Expansion into Kenya is Reshaping the African Gambling Landscape 3 days ago Szarlot BETTING NIGERIA How Nigerian Sport Promotes Responsible Gambling 3 days ago Szarlot BETTING NIGERIA Charting Nigeria’s online gambling growth amid regulatory battles 3 days ago Samuel BOTSWANA EXPERTS BMM Testlabs secures licenses for compliance testing in Botswana and Nigeria 3 days ago Samuel EXPERTS HOT NEWS WORLD NEWS Which Country Has The Highest Percentage Of Gamblers? 6 days ago Samuel EXPERTS SOUTH AFRICA Exploring Gambling Trends In South Africa 7 days ago Szarlot EXPERTS NIGERIA New partnership between BetKing and Genius Sport in Nigeria 1 week ago Iwo Bulski EXPERTS TANZANIA Why Crypto Betting Sites Is The New Deal In Africa? 1 week ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.