International records / OpenAlex research

Effectiveness of Anti-Money Laundering Regulations in Nigerian Banking Sector

This study assessed the effectiveness of anti-money laundering (AML) regulations in the Nigerian banking sector. Using a qualitative approach, secondary data were collected and analyzed descriptively. The Risk-Based Approach (RBA) serves as the theoretical framework. The findings reveal that Nigeria's AML efforts, initiated in 1995, have evolved through various legislations and regulations. AML measures are vital for financial stability, credibility, trust, and national security. However, challenges persist, including governance issues, inadequate technology, corruption, sophisticated techniqu…