Regulatory Alerts2022-11-24
updated Operational Alert On Emerging Trend Of Money Laundering Through Agent Banking Focus On Point Of Sale (pos) Business
The Nigerian Financial Intelligence Unit (NFIU) has issued an updated operational alert regarding the emerging trend of money laundering through agent banking, with a focus on Point of Sale (POS) businesses. This alert aims to guide competent authorities and reporting entities by providing case studies that demonstrate the use of POS in money laundering and terrorist financing. The alert highlights the inherent vulnerabilities in POS transactions, such as the use of cash, unscrupulous banking agents, lack of proper identification, and inadequate documentation, while also providing ways to help prevent money laundering, such as proper record keeping, KYC on customers, and awareness of suspicious activities.