U.S court jails Nigerian Fintech executives for $167million money laundering

released by the US Department of Justice on Friday, the firm acknowledged it failed to maintain an effective anti-money laundering and unlicensed money transmission programme over the last three years.

The firm’s IT/Business Development Manager also received a prison sentence of 42 months after he pleaded guilty to knowingly transmitting illegally derived funds. “The company outlined its anti-money laundering policy in a memo to state regulators, claiming it would cap first-time customer transactions at $499, cap daily transactions at $3,000, and cap monthly transactions at $4,500.

“Through our special agents and forensic accountants, we work endlessly to eradicate crimes involving money laundering and bulk cash smuggling,” said Mr Miller. “Collins Orogun admitted last week that he accepted a fee in exchange for transferring money for ‘romance scam’ fraudsters and other criminals.

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US fintech company, executives convicted for $160 million laundered to Nigeria | The Guardian Nigeria News - Nigeria and World NewsA fintech company in the United States has pleaded guilty to laundering $160 million to Nigeria. US Department of Justice (DoJ) in a statement said Ping Express “transferred millions of dollars from the U.S. to Africa has admitted that it failed to adequately guard against money laundering.” U.S. Attorney for the Northern District of Texas […] Hmmm
Source: GuardianNigeria - 🏆 1. / 94 Read more »