Regulatory Alerts2009-03-20 | BOD/DIR?CIR/01/24Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT)Compliance Manual for Banks and Other Financial Institutions in Nigeria
This list provides a detailed outline of possible indicators that may signal potential money laundering or financial fraud in a banking context, covering both individual and corporate customers. These are based on established "red flag" practices in anti-money laundering (AML) and combating the financing of terrorism (CFT). Some key points to look out for include unusual deposit and withdrawal patterns, suspicious transaction activity such as trade-based money laundering, lending activities where loans lack a clear purpose, and uncharacteristic behavior from employees. The list also addresses potential ties with terrorist financing, as well as other unusual or suspicious activities that may warrant further investigation. By identifying these indicators, banks can take proactive measures to mitigate financial crimes and maintain a robust AML/CFT framework.