The Economic and Financial Crimes Commission EFCC has uncovered widespread compromise within Nigerias financial system, revealing that commercial banks, fintech companies and microfinance banks facilitated the movement of N162 billion in cryptocurrency transactions and N18.7 billion in fraud proceeds without due diligence, facilitating scams that affected more than 900,000 Nigerians.
The Commission said the funds were laundered through financial institutions that failed to observe Know Your Customer KYC and Customer Due Diligence CDD requirements, allowing fraudsters, many of them foreign nationals, to convert illicit proceeds into digital assets and move them to offshore destinations.
