Professional Appraisal of Anti-Money Laundering Policy Compliance in Nigerian Deposit Money Banks: Evidence from Abuja

This study provides a professional appraisal of anti-money laundering policy compliance practices in deposit money banks operating in the Federal Capital Territory, Abuja, assessing the effectiveness of current compliance frameworks and identifying systemic vulnerabilities. Money laundering through the Nigerian financial system remains a significant developmental and security governance challenge, with the banking sector constituting a primary vector for illicit financial flows. Drawing on financial governance theory and recent anti-money laundering compliance literature from 2020 to 2024, the study employs a professional practitioner research design. Data are gathered from compliance officers in ten deposit money banks, Central Bank of Nigeria Banking Supervision officials, Financial Intelligence Unit analysts, and the Special Control Unit Against Money Laundering through structured professional questionnaires and compliance documentation review. Descriptive statistics and regulatory compliance benchmarking against Financial Action Task Force standards are applied. The study expects to find that while deposit money banks have formal anti-money laundering programmes in place, beneficial ownership disclosure gaps, inadequate transaction monitoring calibration, politically exposed person identification weaknesses, and insufficient correspondent banking due diligence create significant compliance vulnerabilities. Recommendations address enhancing real-time transaction monitoring technology investment, strengthening know-your-customer enforcement culture, improving inter-agency information sharing between the Central Bank of Nigeria and the Financial Intelligence Unit, and professionalising compliance officer career pathways in Nigerian banking. Keywords: anti-money laundering, compliance, deposit money banks, financial governance, Abuja