are getting more sophisticated in evading controls, while banks are finding it tough to pinpoint real money laundering actions because the great majority of alerts their tracking software raises for investigation are actually connected to benign transactions. Those false positives waste effort and money...
Abiola Idowu and Kehinde Obasan, `Anti-Money Laundering Policy and Its Effects on Bank Performance in Nigeria' (2012) 5(2), Business Intelligence Journal, 367, 372.Idown, Abiola and Obasan, Kehinde A. (2012). Anti-money laundering policy and its effects on bank performance in Nigeria. ...
The Oracle Financial Crime and Compliance Management solution suite has been consistently ranked as a Technology Leader by Quadrant Knowledge Solutions in their SPARK Matrix™Anti–Money Laundering, Know Your Customer, and Watchlist and Sanctions Monitoring solution reports. Oracle has also been recognize...
This work has established that Nigeria has a substantial anti-money laundering framework; however, it suffers from some weaknesses. These weaknesses are caused by the poor relationship between anti-money laundering units, the Anti-Organised Crime Department of the Nigeria police, the financial sector ...
In 2021, media reports revealed that nearly fifty UK universities had accepted upwards of £52 million in direct cash payments for tuition and fees from students hailing from countries known to be “high risk” for money laundering—most notably the West African countries of Ghana and Nigeria....
Anti-Money Laundering (AML) are laws, regulations, and procedures that prevent criminals from disguising illegally obtained funds as legitimate income.
In the year 2012, the Central Bank of Nigeria (CBN) issued a circular to all banks and other financial institutions under its purview to render various Anti-money laundering and combating financing of terrorism (AML/CFT) returns in prescribed formats and
Laundering’ (2005) 9(1) Journal of Money Laundering Control 62; Olatunde Julius Otusanya, Solabomi Omobola Ajiboldae and Eddy Olajide Omolehinwa, ‘The Role of Financial Intermediaries in Elite Money Laundering Practices: Evidence from Nigeria’ (2012) 15(1) Journal of Money Laundering ...
Act with diligence and integrity to support the AML/CTF process, ensuring the accuracy of the information provided and actively collaborating in internal investigations related to product, service, and operation requests. Promote the culture of Anti-Money Laundering and Counter-Terrorist Financing. ...
Institutions such as the Nigeria Financial Intelligence Unit (NFIU) largely owe their existence to such measures. The Financial Action Task Force (FATF), a G7 initiative whose remit was expanded in the wake of the September 11, 2001 attacks in the US to counter money laundering and terrorism...