Do you know that Nigerian law mandates all financial institutions to develop training programmes for its entire staff?
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What a potential director should do to prepare to join a board
Before joining a board, a candidate should read and evaluate the quality of the company’s data security and anti-money laundering (AML) policies and practices. He or she should read the company’s last three years of audits and any remediation plans and progress reports, if appropriate. This should give a potential director a good understanding of whether the company has a robust corporate governance infrastructure and a culture of accountability.
goAML the global operations anti-money laundering solution, an application developed by the United Nations Office On Drugs and Crime (UNODC) as a strategic response to fighting financial crime including money laundering (ML) and terrorism financing (TF). It is an incorporated database with intelligence analysis features intended for use by Financial intelligence Units (FIUs) worldwide.
Every year, more than $1.5 billion in concealed transactions are purposefully moved around the globe. And about 20 percent of the hidden and illicit transfers occur in the United States, according to a U.S. Department of the Treasury report on money laundering and terrorist financing threats.
The corporate governance movement is a global phenomenon and is resulting in the emergence of a new global business environment. More than ever before stringent and defined corporate governance surrounds boards and their responsibilities. It applies to all companies not just those in the financial services sector.
Since 2008 and the global financial crisis that accompanied it, corporate board membership in the financial services industry has had an even greater significance than before. Beyond the fiscal, social and corporate responsibility that goes with sitting on a board, it has become very clear that it’s not about being a “yes man” or “yes woman.”
Money laundering is the act of disguising the source and control of funds derived from criminal or illegal activities by investing in legitimate businesses or through bank transfers, purchase of stocks or insurance policies etc. Money laundering has been traced back to early Chinese civilization by Historian Sterling Seagrave.
The Central Bank of Nigeria just set a new minimum qualification for all Money Deposit Banks (MDBs) in Nigeria. This, CBN said is in strict adherence to all extant regulations particularly those relating to foreign exchange transactions, Financial Action Task Force (FATF) and Anti-Money Laundering and Combating the financing of terrorism (AML/CFT).
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