Managing Director of Efuelite Solutions Limited, Prince Efue, has raised the bar in the digital technology world with Compliance Planet Software which is automated in its unique design to combat anti-money laundering, counter-terrorism financing, countering proliferating financing, fraud prevention, detection, management and, generate regulatory report data. Efuelite Solutions Limited is proud to announce the ground-breaking success of its flagship product, Compliance Planet, which has significantly transformed Nigeria’s digital technology landscape.
Invented in 2017 by Prince Efue, the MD/CEO of Efuelite Solutions Limited, Compliance Planet has garnered widespread recognition for its unique problem-solving design and approach to combating financial crimes and ensuring regulatory compliance. The software was awarded a patent by the office of the President, General Muhammadu Buhari (Rtd), in 2018. Data governance policies are followed while performing integrated submissions to the Central Bank of Nigeria, Nigeria Financial Intelligence Unit, and Economic and Financial Crime Commission portals.
According to Prince Efue, Compliance Planet Software “ is known for its unique problem-solving design and approach in transaction monitoring, global sanction screening, customer risk assessment monitoring, enhanced due diligence, adverse media monitoring, and automated regulatory report production and submission.”
The software’s prowess in Anti-Money Laundering, Counter-Terrorism Financing, and Countering Proliferating Financing operations has been instrumental in elevating Nigeria’s financial sector to new heights. Its advanced capabilities empower financial institutions to proactively detect and mitigate fraudulent activities, safeguarding their clients and reputation.
“The vast and versatile capabilities of the software have recently led to the increased dependency of financial institutions on the locally made product Compliance Planet for Combating Money Laundering, Countering Financing of Terrorism, and Countering Proliferating Financing operations.”
“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 stated.
Compliance Planet’s user-friendly interface and seamless integration have made it accessible to a wide range of financial institutions, from large commercial banks to smaller microfinance banks, enabling them to stay ahead in the constantly evolving landscape of financial regulations. The Compliance Planet Software has eradicated the tedious manual approach to Regulatory Report Production.
“These regulatory reports include but are not limited to the Reports 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), Report to the US Internal Revenue Service (IRS) under the Foreign Account Tax Compliance Act (FATCA), Workflow for electronic submission, review, and approval of Suspicious Transactions to the Compliance Department / Chief Compliance officer,” he concluded.
Efuelite Solutions Limited continues to work closely with financial institutions to provide ongoing support, updates, and customizations to suit individual needs, ensuring that Compliance Planet remains at the forefront of the industry.