Two Nigerian-Born American Businessmen Heads to Jail Over Controversial Remittances

*Plead Guilty to Alleged Used of Their Companies to Facilitate $160m ‘Controversial’ Remittances to Nigeria

Two Nigerian-born, US-based businessmen, Anslem Oshionebo and Opeyemi Odeyale, will soon find new homes in American jails for their involvement in facilitating an alleged $160m remittance scam to Nigeria.
The duo who have already pleaded guilty to the charges brought against them by the US Department of Justice, are founders and operators of a Texas-based fintech firm. The charges bother on their inability to combat money laundering on their platform some of which prosecutors alleged are proceeds of romance scams.

In a statement released by the US Department of Justice, prosecutors alleged that the duo failed to maintain anti-money laundering controls on their platform, an ommision that made it possible for some of their customers to remit large sums of alleged illegally-derived funds to Nigeria.

“The company outlined its anti-money laundering policy in a memo to state regulators, claiming it would cap first-time customer transactions at $499, cap daily transactions at $3,000, and cap monthly transactions at $4,500. However, in plea papers, the company admitted it allowed more than 1,500 customers to violate these rules. In one instance, Ping allowed a customer to remit more than $80,000 in a single month – more than 17 times the purported limit,” the statement reads in part.

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