- 1 Marks
Question
Under the Money Laundering (Prohibition) Act, the maximum sum of money that an individual may deposit in a bank account without further obligation is
A. N700,000
B. N800,000
C. N900,000
D. N500,000
E. N1,000,000
Answer
D. N500,000
Explanation:
The Money Laundering (Prohibition) Act specifies a threshold for bank deposits, above which additional reporting obligations are triggered to prevent money laundering activities.
- Tags: Banking Law, Legal Limits, Money laundering, Multiple Choice
- Level: Level 1
- Topic: Law Relating to Banking
- Series: NOV 2015
- Uploader: Dotse