Question 1

What does AML compliance require in Nigeria?

Accepted Answer

Nigerian financial institutions must have systems in place to monitor transactions, verify customer identities, screen against sanctions and PEP lists, and report suspicious activity to the CBN and NFIU. The CBN's March 2026 circular now mandates that these systems be automated, not manual.

Question 2

Is Fraudspect aligned with the CBN's AML requirements?

Accepted Answer

Yes. Fraudspect is designed to meet the CBN Baseline Standards for automated AML systems, including real-time transaction monitoring, risk-based customer due diligence, sanctions screening, and regulatory reporting. It supports the documentation your institution needs for its June 2026 roadmap submission.

Question 3

What is the difference between AML and KYC?

Accepted Answer

KYC (Know Your Customer) is one component of AML; it covers identity verification and risk assessment at onboarding. AML is the broader framework: it includes KYC plus ongoing transaction monitoring, sanctions screening, suspicious activity reporting, and regulatory compliance. Fraudspect covers both in one platform.

Question 4

How quickly can we go live?

Accepted Answer

Fraudspect integrates via API with your existing core banking and onboarding systems. Most institutions are operational within days. Our team supports you through configuration and compliance alignment from day one.

Question 5

Does Fraudspect work for fintechs, not just banks?

Accepted Answer

Yes. Fraudspect is used by banks, fintechs, payment companies, and mobile money operators across Africa. The platform is configurable to your transaction volume, risk profile, and the specific regulatory requirements of your institution type.

AML Compliance

Automate Your AML Compliance. Stay Ahead of the CBN.

Detect suspicious transactions in real time

Screen customers and partners without chaos

Protect your business before risks escalate

Combat fraud and financial crime risk with Fraudspect

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