Regulatory Alerts2025-04-29
Added · Updated
Update: Advisory on Ponzi Schemes and Other Unregulated Crowdfunding Schemes
The Nigerian Financial Intelligence Unit updates its guidance to highlight emerging Ponzi scheme patterns, specifically focusing on digital asset-related frauds and agriculture investment schemes. The advisory details specific red flags, such as unrealistic guaranteed returns, lack of regulatory licensing, and opaque business models, while citing case studies like CBEX and Chinmark Group. It reminds financial institutions and designated non-financial businesses of their obligations to mitigate these money laundering and terrorist financing threats.