The Nigerian Economic & Financial Crimes Commission, the EFCC, is to shortly release a list of the names of Nigerian financial institutions that are potential money laundering conduits, due to their failure to install and operate anti-money laundering technology. Whilst it might appear to be a severe step to "name and shame" offending banks, does not their abject refusal to install and utilise what appears to be AML software indicate that there may be problems looking to hide in the shadows? In any event, is it compliance negligence to maintain a correspondent relationship with a foreign institution that admittedly has no AML software in operation?

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