Regulatory Alerts2025-04-01
Sectoral Risk Assessment of Accountants in Nigeria
The Economic and Financial Crimes Commission’s Special Control Unit against Money Laundering issued this 2025 assessment to evaluate Anti-Money Laundering and Counter-Terrorist Financing risks within Nigeria’s accounting sector, classifying it as medium risk. The report identifies key vulnerabilities including inconsistent compliance, underreported suspicious transactions, and exploitation through complex corporate structures, particularly affecting small and medium-sized firms. To mitigate these risks, the document mandates enhanced regulatory oversight, mandatory AML/CFT training, strengthened due diligence for high-risk clients, and improved inter-agency collaboration to ensure robust financial integrity.
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