i.
Mandatory Disclosure and Limitation of Lodgment:
The Money Laundering (Prohibition) Act requires financial institutions to report any single transaction involving the sum of ₦5,000,000 or its equivalent in case of an individual, and ₦10,000,000 or its equivalent in case of a corporate body. Financial institutions must also report suspicious transactions regardless of the amount. There is a limitation on the amount of cash lodgment by corporate bodies, set to discourage the laundering of illicit funds through the banking system.

ii.
Surveillance on Bank Account:
The Act mandates financial institutions to keep proper records of customer identities and transactions. Banks are required to monitor and report any unusual or suspicious transactions that may indicate money laundering activities. This includes tracking large or irregular deposits, withdrawals, and transfers that do not correspond to the account holder’s typical business activity.