Fintech operators crucial in anti-money laundering fight – NFIU
The Nigerian Financial Intelligence Unit (NFIU) has emphasised the importance of fintech operators in combating money laundering and terrorism financing in Nigeria. Dr Muhammad Jiya, Associate Director, Analysis and Compliance at NFIU, said this during the Third Quarter Reguvators Forum Webinar organised by Fintech Association of Nigeria (FinTechNGR). The NFIU official stressed the need for Fintechs to do robust Know Your Customer (KYC) procedures, continuous monitoring and reporting of suspicious transactions. He said regular risk assessment, collaboration with regulatory authorities and industry players were also crucial. Jiya said that to combat fraudulent transactions, Fintechs needed to use blockchain and emerging technologies to enhance transparency and also leverage artificial intelligence and machine learning for compliance. “Fintech operators must provide regular staff training on Anti-Money Laundering and Combating the Financing of Terrorism (AMSCFT) and promote ...