SON, BSI boost Nigeria’s fight against fraud, money laundering

As fraud and financial crime grow increasingly sophisticated, the Standards Organisation of Nigeria (SON), in collaboration with the British Standards Institution (BSI), is championing the adoption of a robust fraud control and anti-money laundering framework.

At a stakeholder engagement in Lagos, SON and BSI emphasised the adoption of ISO 37003:2025 – Fraud Control Management Systems, alongside the proposed ISO/NP 37013 – Anti-Money Laundering (AML) Management Systems Standard.

These standards aim to guide organisations in preventing, detecting, and responding effectively to fraud and financial crime.

Speaking at the event, SON Director General, Ifeanyi Okeke, stressed that money laundering fuels corruption, organised crime, terrorism financing, and illicit financial flows.

Okeke added that effective governance is not just an administrative requirement but also a strategic imperative for national development, economic competitiveness, and public trust. He highlighted that ISO 37003:2025 marks a major milestone in the global fight against fraud, but its real impact depends on implementation. The forum focused on assessing current adoption of ISO 37003, reviewing practical case studies from both public and private sectors, and discussing lessons learned and success factors. Prof Oserheimen A. Osunbor, chairman of SON National Technical Committee for Governance of Organisations (ISO/TC 309/WG14), noted that the initiative was aligned with Nigeria’s roadmap for implementing ISO 37003, aiming to accelerate adoption and integrating the standard into local governance and business practices.