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AfricaNXT Outtake: How to protect your business against fraud

February 28, 2023
February 10, 2023
2 mins read
Astor George
Astor George
Brand Storyteller

Editor's note:

In our January Twitter Space on fintech forecast for 2023, one of the panellists, Mohammed Maibe, the Head of Growth at VerifyMe, predicted that incidents like fraud would increase due to the current downturn of the global economy.

This security theme continued at the 2023 AfricaNXT, where Enyioma Madubuike, our Chief Legal Officer, shared how small businesses without the human resources or funds to adopt expensive security measures can still protect themselves from being used for money laundering. Drawing on his experience leading Kora’s compliance across several African countries, Enyioma recommends that businesses understand the building blocks of money laundering as a starting point.

“Because small businesses might not have access to the resources big companies have in terms of funds, people, or technology, their ability to sustain themselves will depend on being flexible and resourceful and going out into the world to find out what the ‘big boys’ are doing. You need to keep your ears open and your eyes wide. You need to understand the space while also understanding your business and how it can be used as a channel [for money laundering].”

“Another thing is for small businesses to understand the core essentials of money laundering. Because knowing the building blocks of anti-money laundering processes and controls helps you and your employees use the few resources you have at your disposal to protect the business.”

These are other ways SMEs can safeguard themselves with the little they have, according to Enyioma.

  • KYC procedures: Implement strong customer identification and verification processes to ensure that you have a good understanding of your customers and their business activities.
  • Keep records: Maintain accurate and complete records of all transactions, including the identity of the customer, the purpose of the transaction, and the source of funds.
  • Observe transactions: Regularly review and monitor transactions to identify any suspicious activity.
  • Develop an anti-money laundering policy: Establish a clear policy for detecting and reporting money laundering, which should be communicated to all employees and reviewed regularly.
  • Report suspicious activities: Have a reporting mechanism in place to report suspicious activities to the relevant authorities.
  • Cooperate with authorities: Be prepared to cooperate with authorities, such as law enforcement and regulatory agencies, to help prevent money laundering activities.

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