This page provides a detailed overview of how PWAN Real Estate aligns its operations with the MLA 2022 to ensure a secure and credible environment for all stakeholders, including property buyers, sellers, investors, and our network of Property Business Owners (PBOs).

Understanding the Nigerian Anti-Money Laundering Act (MLA 2022)

The Money Laundering (Prevention and Prohibition) Act, 2022, is a landmark legislation enacted to curb money laundering and terrorism financing in Nigeria. With a focus on sectors vulnerable to illicit financial activities—such as real estate—the MLA 2022 introduces strict guidelines for transactions, compliance, and penalties for non-compliance.

Key highlights of the MLA 2022 include:

1. Prohibition of Cash Payments: Cash payments are capped at ₦5 million for individuals and ₦10 million for businesses.
2. Mandatory Electronic Transactions: Transactions exceeding the cash payment limits must be conducted electronically or through financial institutions.
3. Creation of a Special Control Unit: A specialized unit within the Economic and Financial Crimes Commission (EFCC) monitors compliance and investigates suspicious activities.
4. Penalties for Violations: Violations attract severe penalties, including fines and imprisonment.

PWAN Real Estate’s Commitment to Compliance

At PWAN, compliance is more than a legal obligation; it is a cornerstone of our corporate values. Below, we outline the proactive measures we have taken to abide by the provisions of the MLA 2022 and foster a transparent real estate market.

1. Strict Adherence to Cash Payment Limits

PWAN fully complies with the MLA 2022’s cash payment limits. For individual transactions, we ensure that cash payments do not exceed ₦5 million, while for businesses, the limit is capped at ₦10 million. To maintain transparency and accountability, we strongly encourage electronic payments for all transactions, irrespective of the amount.

2. Promoting Secure Electronic Transactions

To safeguard our investors and clients from fraudulent practices, PWAN mandates that all transactions exceeding the cash payment threshold be conducted electronically or through reputable financial institutions. By leveraging digital payment platforms, we reduce the risk of impersonation and fraudulent activities, ensuring that every investment is secure.

3. Legal Framework Integration

PWAN aligns its operational framework with the MLA 2022 by continually updating its practices to combat money laundering and terrorism financing. Our dedication to affordable and sustainable housing is underpinned by robust anti-money laundering measures, ensuring that our clients and partners can invest with confidence.

4. Collaboration with the EFCC’s Special Control Unit

PWAN works closely with the Special Control Unit established by the MLA 2022 under the EFCC. We actively encourage our clients and PBOs to report any suspicious activities. Our policies explicitly prohibit illegal transactions, and we remain vigilant in identifying and addressing potential risks within the PWAN market.

5. Enforcement of Penalties for Non-Compliance

PWAN is a no-tolerance organization when it comes to illegal practices. Any individual or entity found violating the MLA 2022 within our network will face appropriate legal action. We are committed to maintaining a safe and lawful environment for all our stakeholders.

Comprehensive Compliance Programs at PWAN

To ensure seamless compliance with the Nigerian Anti-Money Laundering Act, PWAN has implemented the following initiatives:

1. Training and Awareness

PWAN provides free three-day training sessions for all Property Business Owners (PBOs) and investors. These sessions are designed to:

Educate participants about the provisions of the MLA 2022.

Highlight the importance of compliance in real estate transactions.

Provide practical steps for identifying and reporting suspicious activities.

By empowering our network with knowledge, we foster a culture of compliance and integrity.

2. Continuous Monitoring and Policy Updates

Our dedicated compliance team continuously monitors changes to regulatory requirements and updates our internal policies accordingly. This proactive approach ensures that PWAN remains at the forefront of legal and ethical practices in Nigeria’s real estate sector.

3. Enhanced Due Diligence

PWAN conducts thorough due diligence on all transactions, clients, and partners. This includes verifying identities, assessing the legitimacy of funds, and ensuring that all dealings comply with the MLA 2022.

Why PWAN’s Compliance Matters

Building Trust with Our Clients

Our adherence to the MLA 2022 builds trust and confidence among our clients. When you invest with PWAN, you can rest assured that your transactions are secure, transparent, and compliant with Nigerian laws.

Strengthening the Real Estate Sector

By setting a high standard for compliance, PWAN contributes to reducing fraudulent activities in Nigeria’s real estate sector. Our efforts not only protect our clients but also elevate the industry as a whole.

Supporting National Security

Money laundering and terrorism financing pose significant threats to national security. PWAN’s commitment to combating these issues aligns with our broader goal of contributing to Nigeria’s development and stability.

Partnering with PWAN: A Secure and Transparent Investment Choice

When you choose PWAN, you are not just investing in real estate; you are partnering with an organization that values integrity, transparency, and legal compliance. Our comprehensive approach to aligning with the MLA 2022 ensures that every transaction is secure, ethical, and in line with national laws.

We invite you to explore our Privacy Policy, Terms and Conditions, and Real Estate Regulations Act to learn more about our commitment to legal and ethical practices.

At PWAN Real Estate, we believe that compliance with the Nigerian Anti-Money Laundering Act is not just a legal requirement but a moral obligation. By adhering to the provisions of the MLA 2022, we ensure that our operations are transparent, secure, and in the best interests of our clients and the nation.

Together, let’s build a future where real estate transactions are synonymous with trust, integrity, and transparency. Choose PWAN—your trusted partner in real estate. Contact PWAN Real Estate Here