Two Nigerian Fintech Executives Convicted For Breaching US Anti-Money Laundering Rules

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Two fintech executives and a manager at a US-based money transfer company have been sentenced to a combined 8 years in US federal prison.

The firm, Ping Express, admitted in US district court filings that it broke money laundering rules after it transferred $167 million out of the US.

$160 million dollars of that money was sent to Nigeria over a period of 3 years, some of which were proceeds from online romance scams. 

Ping Express also admitted it failed to seek sufficient details about the sources or purposes of the funds it helped to transmit, or the customers initiating the transmissions. 

By law, the company was supposed to report any suspicious transactions to regulators. 

-Techcabal

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