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Compliance failures under Nigeria’s Anti Money Laundering Act are now a frontline enforcement issue, with the Economic and Financial Crimes Commission prosecuting businesses and executives for structural lapses alone.

The absence of a management-level compliance officer, missing internal audit oversight, inadequate manuals, undocumented due-diligence procedures and weak staff training are being treated as criminal breaches attracting significant penalties, including imprisonment.

This publication analyses recent enforcement actions, outlines the statutory obligations for Designated Non-Financial Businesses and Professions under the Anti Money Laundering Act 2022, and highlights the governance measures organisations should prioritise to reduce financial, legal and personal exposure.

For further guidance, please contact TEMPLARS Partner, Cyriacus Orlu, and Associates, Francis Jarigo and Iyunoluwa Fakunle.

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