May 2 2018
Majority of the deposit money banks in the country failed an anti-money laundering system examination conducted by the central bank of nigeria, a report by the cbn has revealed. According to the 2017 CBN Half-year Economic Report, the anti-money laundering systems in place in majority of the commercial banks fail to meet a number of compliance requirements specified by the apex bank. It was learnt that many banks failed to conduct enhanced due diligence, a major compliance requirement, on some high-risk customers, while collation and reporting of foreign currency transactions and suspicious transactions were not fully automated in some banks.