The Chief Executive Officer of Efuelite Solutions Limited, Prince Efue, has narrated how patented Compliance Planet Software helped former President Muhamamdu Buhari on Anti Money Laundering, Counter-Terrorism Financing, and Countering Proliferating Financing.
In a significant stride towards combating money laundering and terrorism financing, the innovative Compliance Planet Software, invented in 2017 by Prince Efue, the MD/CEO of Efuelite Solutions Limited, has emerged as a pioneering solution in the fight against financial crimes. With its unique problem-solving design and approach, the software has been acknowledged for its exceptional capabilities in Anti-Money Laundering (AML), Counter-Financing of Terrorism (CTF), Countering Proliferating Financing (CPF), Fraud Prevention, Detection and Management, Transaction Monitoring, Global Sanction Screening, Customer Risk Assessment Monitoring, Enhance Due Diligence, Adverse Media Monitoring, and Automated Regulatory Report Production and Submission.
According to Prince Efue, the visionary mind and inventor of Compliance Planet, the software empowers financial institutions to generate a wide range of regulatory reports, including but not limited to those required under the Money Laundering (Prohibition) Act 2011 (as amended), Currency Transaction Report (CTR), Foreign Currency Transactions Reports (FTR), Suspicious Activity/Transactions Reporting (SAR/STR), Reports under the CBN AML/CFT Data Rendition and Processing Systems (ADRAPS), AML/CFT Risk-Based Supervision Reporting (RBS), Politically Exposed Person Reporting (ADRAPS PEP), Three Tiered KYC reports, Foreign Currency Transaction Report (ADRAPS FTR), and Report to the US Internal Revenue Service (IRS) under the Foreign Account Tax Compliance Act (FATCA). The software also provides a seamless workflow for electronic submission, review, and approval of Suspicious Transactions to the Compliance Department and Chief Compliance Officer,” he explains.
The Nigeria Digital Technology sector witnessed drastic improvements in digital connectivity and productivity in Anti-Money Laundering, Counter-Terrorism Financing, Countering Proliferating Financing, Fraud Detection, and Mitigation amongst Fintech, Commercial Banks, and Microfinance Banks in Nigeria with Compliance Planet Software.
Furthermore, the positive impact of Compliance Planet extends beyond regulatory compliance. Reducing the need for financial institutions to procure AML software from overseas has played a vital role in stabilizing the Nigerian economy, particularly regarding forex exchange. Eliminating annual subscriptions and maintenance costs in foreign currency has proven advantageous for Fintech and commercial banks in Nigeria, fostering financial stability and growth in the sector.
“The software Compliance Planet has contributed to stabilizing the Nigerian Economy in the aspect of forex exchange as Fintech and commercial banks no longer need to source for forex to buy AML Software overseas which also comes with an annual subscription and maintenance cost paid in forex. As a career, financial compliance control and analysis has become more interesting as the new invention introduces the capabilities of Artificial Intelligence, Machine Learning, Deep Learning, and Natural Language Processing into a fully automated workflow,” he says.
Prince Efue, the mastermind behind this ground-breaking invention, expressed his gratitude for the recognition and support his software has received. “I am humbled and honored by the positive impact Compliance Planet has had on Nigeria’s digital technology sectors,” he said. “My team and I remain committed to advancing the software’s capabilities to address emerging challenges and continue fostering a culture of compliance and security in the financial landscape of Nigeria,” he concludes.
