OVERVIEW

 

 

Money laundering is the attempt to conceal or disguise the nature, location, source, ownership or control of illegally obtained money. Money laundering is most commonly associated with tax avoidance. However, other individuals may attempt to launder money in order to conceal their identity or finance their operations. ‘Suspicious activity’ is a very difficult concept to define because it can vary from one transaction to another based upon all the circumstances surrounding the transaction or group of transactions.

 

money laundering is a major financial crime. Money laundering is the legalization of money obtained illegally. There are various money laundering processes. Money laundering methods are increasing with the development of technology. The primary purpose of AML regulations is to prevent money laundering.

 

money laundering has become an increasingly prevalent issue. Both financial institutions and governments are constantly looking for new ways to fight money launderers, and several anti-money laundering policies have been put in place to help this

 

Anti-money laundering (AML) refers to all policies and pieces of legislation that force financial institutions to monitor their clients to prevent money laundering. AML laws require that financial institution report any financial crime they detect to relevant regulators.

 

 

THE TERMS FRAUD OR SUSPECTED FRAUD REFERS TO, BUT NOT LIMITED TO :

 

 

a. Forgery or unauthorized alteration of any document or account belonging to the company.

b. Forgery or unauthorized alteration of cheque, bank draft, E-banking transaction or any other financial instrument etc.

c. Misappropriation of funds, securities, supplies or others asset  by fraudulent means

d. Falsifying records such as pay rolls, removing the documents from files and/ or replacing it by a fraudulent one etc.

e. Wilful suppression of facts/ deception in matters of appointment, placements, submission of reports, tender committee recommendations, departmental promotion committee etc, as a result of which a wrongful gain is made to one or wrongful loss is caused to the others;

f. Utilizing Company funds for personal or other than official purposes:

g. Authorizing or receiving payment for goods not supplied or services not rendered;

h. Destruction, disposition, removal of records or any other assets of the company with an ulterior motive to manipulate and misrepresent the facts so as to create suspicion/ suppression /cheating as a result of which objectives assessment/decision would not be arrived at;

i. Deliberately misrepresenting, concealing, suppressing or not disclosing one or more material facts relevant to the financial decision, transaction or perception of the decision maker;

j. Abusing authority, position of trust or fiduciary relationship;

K. Fraudulent alteration, addition or removal of information on the Company's management information systems;

l.Impropriety in the handling or reporting of money or financial transactions.

m. Disclosing confidential and proprietary information to outside parties;

n. Inflating expenses claims / over billing;

o. Paying false(or inflated) invoices, either self-reported or obtained collusion with suppliers;

p. Permitting favours or privileges to customers, or granting business to favoured supplies, vendors or service providers for kickbacks / favours;

q. Forging signature

r. Medical claims fraud

s. Fraudulent job claims & settlement

t. Any other act or attempt that falls under the gamut of fraudulent activities;

 

 

The know your customer or know your client (KYC) guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank's Anti-Money Laundering (AML) policy. KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant, and are actually who they claim to be. Banks, insurers, export creditors and other financial institutions are increasingly demanding that customers provide detailed due diligence information. Initially, these regulations were imposed only on the financial institutions but now the non-financial industry, fin-tech industry, virtual assets dealers, and even the non-profit organizations are liable to oblige.

 

 

KYC (Know Your Customer) is today a significant element in the fight against financial crime and money laundering and customer identification is the most critical aspect as it is the first step to better perform in the other stages of the process.

 

VISION-X LIMITED is committed to fighting money laundering and complying fully with the anti-money laundering laws of Nigeria.