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With 30+ years of experience, Banker's Academy is the leading global provider of training solutions to the financial community. We specialize in BSA/AML, Compliance Officer, HR Professional, Teller and Branch Manager Training. We’re proud to have partnered with over 2,500 clients worldwide in various financial services industries, with a focus on banks, credit unions, and money service businesses. Let us help you reach your target audience with an innovative, results-driven educational experience.

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Anti Money Laundering (AML) in Nigeria



Anti Money Laundering (AML) By Country: Nigeria

Anti Money Laundering (AML) in Nigeria

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Money laundering in Nigeria remains a widespread problem, despite the fact that the country has taken a number of steps to improve its Anti-Money Laundering (AML) system. Initially, Nigerian criminals made advance fee fraud infamous; more recently, nationals of many African countries and from a variety of countries around the world have begun to perpetrate advance fee fraud. This type of fraud is referred to internationally as "Four-One-Nine" fraud (419 is a reference to the fraud section in Nigeria’s criminal code). While there are many variations, the main goal of 419 fraud is to deceive victims into payment of an advance fee by persuading them that they will receive a very large benefit in return. These "get rich quick" schemes have ended for some victims in monetary losses, kidnapping, or murder. Through the Internet, businesses and individuals around the world have been and continue to be targeted by perpetrators of 419 scams. The Economic and Financial Crimes Commission (EFCC) has tried to combat 419-related cyber crimes, but there have only been a few recorded successes as a result of their cyber crime initiatives.

In December 2002, after placement on the NCCT list and under threat of a FATF recommendation for countermeasures, Nigeria enacted three pieces of legislation: an amendment to the 1995 Money Laundering Act that extends the scope of the law to cover the proceeds of all crimes; an amendment to the 1991 Banking and Other Financial Institutions (BOFI) Act that expands coverage of the law to stock brokerage firms and foreign currency exchange facilities, gives the Central Bank of Nigeria (CBN) greater power to deny bank licenses, and allows the CBN to freeze suspicious accounts; and the Economic and Financial Crimes Commission (Establishment) Act that establishes the EFCC, coordinates Anti Money Laundering (AML) investigations and information sharing. The Economic and Financial Crimes Commission Act also criminalizes the financing of terrorism and participation in terrorism. Violation of the Act carries a penalty of up to life imprisonment. Based on this legislation, FATF decided not to recommend countermeasures against Nigeria; however, Nigeria remains on the NCCT list.

The Money Laundering and Prohibition Act was enacted in 2004, but was appealed by the Money Laundering (Prohibition) Act 2011.

The Economy of Nigeria

Nigeria is classified as an emerging market and is rapidly approaching middle income status, with its abundant supply of resources, well-developed financial, legal, communications, and transport sectors and stock exchange (the Nigerian Stock Exchange), which is the second largest in Africa.

Nigeria is the United States' largest trading partner in sub-Saharan Africa and supplies a fifth of its oil (11% of oil imports). It has the seventh-largest trade surplus with the U.S. of any country worldwide. Nigeria is currently the 50th-largest export market for U.S. goods and the 14th-largest exporter of goods to the U.S. The United States is Nigeria’s largest foreign investor.

Banking in Nigeria

The Central Bank of Nigeria is Nigeria’s central bank. The central bank also serves as the banking regulator in Nigeria.

The central bank issues legal tender and maintains the external reserves of Nigeria. It promotes monetary stability and a sound financial environment. The central bank also serves as the financial adviser to the federal government.

Nigerian Currency

The currency of Nigeria is the naira. The Central Bank is the only issuer of naira. It is available in banknotes of 5, 10, 20, 50, 100, 200, 500 and 1000. Coins are issued in denominations of 1 and 2 naira and 50 kobo.

Other Key Statistic of Nigeria

Time Zone: WAT (UTC+1).

Location: Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon.

Population: 174,507,539 (2014 estimate.)

Capital: Abuja.

Languages Spoken: English (official), Hausa, Yoruba, Igbo (Ibo), Fula.


A Free Overview Of Anti Money Laundering (AML) For Nigeria.

Anti Money Laundering (AML) in New Zealand

New Zealand


Anti Money Laundering (AML) By Country: New Zealand

Anti Money Laundering (AML) in New Zealand

New Zealand
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Money laundering in New Zealand is a not a pervasive problem. New Zealand maintains a strong Anti-Money Laundering (AML) system in an effort to protect against the potential for money laundering and terrorist financing. New Zealand is among one of the many countries committed to combating money laundering and terrorist financing by implementing the FATF’s standards. Article 7 of the UN Convention Against Transnational Organized Crime, which New Zealand ratified in 2002, requires institutions to establish robust AML/CFT regulatory and supervisory regimes for the banking and non-banking sector.

In October 2009, the FATF published its mutual evaluation report on New Zealand. A second report was produced in October 2013 detailing a description of the actions taken by New Zealand in respect of all recommendations noted in the 2009 report.

The legislative measures New Zealand has in place for combating money laundering and terrorist financing are sound. Over time, the country has effectively enhanced and improved those measures. Although evaluators have identified some changes that would enhance the system, a number of these changes have already been made while others are being considered by the government.

In December 2003, New Zealand also signed the United Nations Convention Against Corruption. Article 14 of that Convention requires State Parties to implement comprehensive AML measures and to use the standards established by international and regional AML bodies (such as the FATF) as a guideline. Recently, the United Nations Security Council strongly urged UN member states to comply with FATF standards (Security Council Resolution No. 1617, 29 July 2005).

In 2009, the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AMLCFTA) was passed and came into effect in 2013.

The Economy of New Zealand

Historically, New Zealand's economy has been based on a foundation of agricultural exports including dairy, fruit, vegetables, and meats. In addition, the economy has benefitted by maintaining strong economic relations with Australia. Currently, the countries are partners in Closer Economic Relations (CER), which promotes free trade between New Zealand and Australia. This dynamic partnership has enhanced business and manufacturing services operations throughout both regions.

Over the past 20 years, the Government of New Zealand has successfully transitioned the country from an agrarian economy to a more industrialized, free market economy. As a result, the country per capita income has increased for eight consecutive years and topped off in 2007 at US $27,300 in purchasing power parity terms. The unemployment rate dropped drastically from 7.8% in 1999 to 3.2% in December 2007 further demonstrating the resiliency of New Zealand’s economy.

Banking In New Zealand

All banks operating in New Zealand are required to register with the Reserve Bank of New Zealand. Established in 1934, the Reserve Bank of New Zealand is the central bank of New Zealand and upholds its role as a predominantly policy-driven organization. According to the Reserve Bank of New Zealand Act 1989, the purpose of the central bank is to:

  • Operate monetary policy to maintain price stability.
  • Promote the maintenance of a sound and efficient financial system.
  • Meet the currency needs of the public.

Currently, there are 18 banks registered with Reserve Bank of New Zealand, including the Bank of New Zealand (BNZ), which is one of the largest and oldest banks in the country. The first branch of BNZ opened in 1861 and has enjoyed over 150 years of banking in the region with more than 192 branches to its name. In October of 2008, the Bank of New Zealand responded to changes in the New Zealand way of life and officially changed its name to BNZ, updating its logo and advertising efforts.

Currency in New Zealand

New Zealand’s currency is the New Zealand Dollar (NZD). In addition to circulating throughout New Zealand, it is also employed in the Niue, Tokelau, Pitcairn, and Cook Islands. The NZD distinguishes itself as being one of the sixteen most traded currencies in the world.

The NZD is generally written with the dollar sign $, or NZ$. The NZD is commonly referred to as the "Kiwi" by the public. Like the United States dollar, the NZD is divided into 100 cents.

Other Key Statistics of New Zealand

Time Zone: NZST (UTC+12).

Location: Oceania, islands in the South Pacific Ocean, southeast of Australia.

Population: 4,570,038 (2014 estimate.)

Capital: Wellington.

Languages Spoken: English (official).


A Free Overview Of Anti Money Laundering (AML) For New Zealand.

Anti Money Laundering (AML) in Mexico



Anti Money Laundering (AML) By Country: Mexico

Anti Money Laundering (AML) in Mexico

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Money laundering in Mexico is a significant problem. Although Mexico has taken a number of steps to improve its Anti-Money Laundering (AML) system, according to U.S. law enforcement officials, Mexico remains one of the most challenging money laundering jurisdictions, especially with regard to the investigation of money laundering activities involving the cross-border smuggling of bulk currency from drug transactions. Significant amounts of narcotics-related proceeds are continuously smuggled out of the country. In addition, such proceeds can still be introduced into the financial system through Mexican banks or casas de cambio, or repatriated across the border without record of the true owner of the funds. Corruption is also a concern. In recent years, various Mexican officials, including former officials from the Mexico City government, have come under investigation for alleged money laundering activities.

The Government of Mexico (GOM) continues efforts to implement an Anti-Money Laundering (AML) program according to international standards such as those of the Financial Action Task Force (FATF), which Mexico joined in June 2000. Money laundering related to all serious crimes was criminalized in 1996 under Article 400 of the Federal Penal Code, and is punishable by imprisonment of five to fifteen years and a fine. Penalties are increased when a government official in charge of the prevention, investigation, or prosecution of money laundering commits the offense.

Mexico's financial intelligence unit (FIU) was established in 2004 to prevent and combat money laundering and terrorist financing.

The Economy of Mexico

Mexico has a free market economy in the trillion dollar class. It contains a mixture of modern and outmoded industry and agriculture, increasingly dominated by the private sector. Recent administrations have expanded competition in seaports, railroads, telecommunications, electricity generation, natural gas distribution, and airports. Trade with the US and Canada has tripled since the implementation of North American Free Trade Agreement (NAFTA) in 1994. Mexico has 12 free trade agreements with over 40 countries including, Guatemala, Honduras, El Salvador, the European Free Trade Area, and Japan, putting more than 90% of trade under free trade agreements.

Banking in Mexico

Banco de Mexico is Mexico's Central Bank.

The banking regulator in Mexico is the National Banking and Securities Commission (CNBV).

Mexico has commercial banks, bonding institutions, credit unions and money exchange houses.

Mexican Currency

The Mexican currency is the peso. There are 100 Mexican cents to every peso. Mexican notes are printed in 20, 50, 100, 200, 500 and 1,000 pesos. The most commonly used banknotes are the 50, 100 and 200 pesos.

Mexican coins come in denominations of 5, 10, 20 and 50 cent pieces. It is unusual to see a 50 cent piece.

Other Key Statistics of Mexico

Time Zone: (UTC-8 to -6) .

Location: Middle America, bordering the Caribbean Sea and the Gulf of Mexico, between Belize and the US, and bordering the North Pacific Ocean, between Guatemala and the US.

Population: 118,395,054 (2014 estimate.)

Capital: Mexico City.

Languages Spoken: Spanish.


A Free Overview Of Anti Money Laundering (AML) For Mexico.

Anti Money Laundering (AML) in Mauritius



Anti Money Laundering (AML) By Country: Mauritius

Anti Money Laundering (AML) in Mauritius

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Money laundering in Mauritius is not a serious problem. The country has taken several important steps over the past ten years to enact legislation that has strengthened the country’s money laundering and terrorist financing prevention efforts.

In 2002, Mauritius passed the Financial Intelligence and Anti Money Laundering Act (FIAMLA), which established the country’s Financial Intelligence Unit (FIU). The Act also includes requirements for suspicious transaction reporting and the exchange of financial information with other FIUs and governmental agencies. The Prevention of Corruption Act 2002 (POCA) was also passed.

In 2003, the Financial Intelligence and Anti-Money Laundering Regulations were passed. The Regulations provide the need for a Money Laundering Reporting Officer (MLRO) and include the importance of internal policy and control measures to prevent money laundering and terrorist financing, as well as identification measures.

Mauritius also has several financial regulators that assist in the monitoring and regulation of financial institutions and other entities to prevent money laundering and terrorist financing.

These regulators include:

  • Bank of Mauritius.
  • Financial Services Commission (FSC).
  • Financial Intelligence Unit (FIU).
  • Independent Commission Against Corruption (ICAC).

The Economy of Mauritius

Since gaining its independence in 1968, Mauritius has transformed from a low-income and agriculturally-based economy to a middle income economy with growing industrial, financial, and tourist sectors.

In recent years, with the rise in the economy, Mauritius has seen other improvements in the country’s overall well-being, including: a more equitable income distribution; increased life expectancy; and a decreased infant mortality rate.

The economy gets it wealth from sugar production, tourism, textiles, apparel, and financial services. Mauritius hopes to expand its economy into the field of fish processing, information technology, communications, hospitality, and product development.

Banking in Mauritius

The Bank of Mauritius serves as the financial regulator for banks, moneychangers, and foreign exchange dealers. The Bank of Mauritius also serves as the country’s Central Bank. The Bank regularly issues and supervises guidelines regarding money laundering and terrorist financing prevention.

The Bank has the authority to revoke the licenses of banks and cash dealers that fail to comply with AML legislation.

The Financial Services Commission is the regulator for non-bank financial institutions such as insurance providers, capital markets, leasing activities, global business companies, and private pensions.

Mauritius' Currency

The currency in Mauritius is the rupee (MUR). The rupee is divided into 100 cents. The Mauritian rupee was tied to the India rupee when it was first issued and replaced the Mauritian dollar in 1877.

Banknotes are currently available in denominations of 25, 50, 100, 200, 500, 1,000 and 2,000 rupees. Coins are available in 1, 5 and 10 rupees as well as 5, 20 and 50 cents.

Other Key Statistics about Mauritius

Time Zone: MUT (UTC+4).

Location: Southern Africa, island in the Indian Ocean, east of Madagascar.

Population: 1,261,208 (2014 estimate.)

Capital: Port Louis.

Languages Spoken: Creole, Bhojpuri, French and English.


A Free Overview Of Anti Money Laundering (AML) For Mauritius.