Tuesday, December 29, 2009

Third World Money Laundering

Nigerian banks do no know their customers:
In Nigeria this procedure has been turned into a nightmare for the banks. Everyday Nigerians are swearing to false affidavits and forging documents without anybody paying the price. The resultant effect is that the banks have to resort to actual visitation of customers’ locations and premises in order to ascertain that they exist.

1 comment:

  1. Nowhere in my article did I say Nigerians banks do not know their customers. It will therefore be very mischievous for anybody to infer this. What I did was a comparative analysis of the CIP (Customer Identification Procedure) in the UAE and Nigeria. And the challenges faced by the latter due to the failure of the state to provide the basic infrastructure. Abimbola Adeseyoju MD/CEO DataPro Limited