By: Jumoke Olasoji What is NFIU? The Nigerian Financial Intelligence Unit(NFIU) is a body that plays an integral role in the fight against money laundering and terrorism financing. The NFIU fulfils its mission by providing law enforcement and security agencies with information on suspected money laundering and terrorism financing, called financial intelligence. THE ROLES OF N.F.I.U AND YOUR RESPONSIBILITIES The Unit develops financial intelligence by analyzing the financial transaction reports it receives from the many reporting entities - such as banks, securities dealers, money service businesses, hotels, car dealers, casinos, etc that are required, by law, to make reports. NFIU's mandate also includes ensuring compliance with Part 1 of the Money Laundering (Prohibition) Act 2004. Under Part 1, entities that must report to the Unit are required to report specific transactions, keep particular records, and verify customer identities. A proper compl...
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