Category: Fraud Monitoring

AML as a Service

AML as a Service

AML as a Service Past few months have seen a lot of activity from regulators, bankers and industry bodies alike towards curbing money laundering. Rules are becoming stringent and reporting more accurate. Then there were hefty fines levied on certain banks for non compliance with AML guidelines. During our conversation with bankers, it consistently emerged that bankers have AML compliance as one of their top priorities. This...

CEM Nigeria 0

Customer Experience in Banks in Nigeria

Customer Experience in Banks in Nigeria Customer experience in banks has seen a downward trend in Nigeria since 2012. The study says, Nigerian Banks are going through turmoil. The reason is increasing fraud prevailing in the industry.The loss caused by fraudulent activities has mounted up to 19.06 billion Naira in 2012 from 1.65 billion Naira in 2000. . The fraudsters hit the bank hardest in year 2008...

Financial Crime in South Africa

Financial Crime in South Africa!

Financial Crime in South Africa is overwhelmingly omnipresent. According to Christopher Malan, Head of Financial Intelligence Center, South African banks have to work towards being more compliant in combating financial crime i.e. Terrorism Financing and Money Laundering. Four big banks of South Africa were fined for R125 million by the Reserve Bank for failing being compliant to the regulations. Banks are highly criticized for forming cartels, and behaving monopolistically in the African region....