Topic: Law Relating to Banking

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  • 1 Marks

BL – May 2016 – L1 – SA – Q9 – Law Relating to Banking

Identify the maximum amount allowed for cash payment without financial institution involvement.

The Money Laundering (Prohibition) Act provides that no individual person shall make or accept cash payment, EXCEPT through a financial institution, of an amount of money exceeding the sum of
A. ₦1,500.00
B. ₦2,000.00
C. ₦4,000.00
D. ₦3,000.00
E. ₦5,000.00

Answer:
E. ₦5,000.00

Explanation:
Under the Money Laundering Act, any cash transaction exceeding ₦5,000 must be conducted through a financial institution to prevent illegal activities.

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