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eISSN: 2581-9615 || CODEN: WJARAI || Impact Factor 8.2 ||  CrossRef DOI

Research and review articles are invited for publication in April 2026 (Volume 30, Issue 1) Submit manuscript

Comparative analysis of customer due diligence and compliance: Balancing efficiency with regulatory requirements in the banking sectors of the United States and Nigeria

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  • Comparative analysis of customer due diligence and compliance: Balancing efficiency with regulatory requirements in the banking sectors of the United States and Nigeria

Munachi Ijeoma Ononiwu 1, *, Obianuju Clement Onwuzulike 2 and Kazeem Shitu 3

1 Zenith Bank Plc, Lagos, Nigeria.
2 Rome Business School, Estonia.    
3 Independent Researcher, UK.
 
Review Article
World Journal of Advanced Research and Reviews, 2024, 23(03), 475-491
Article DOI: 10.30574/wjarr.2024.23.3.2707
DOI url: https://doi.org/10.30574/wjarr.2024.23.3.2707
 
Received on 26 July 2024; revised on 29 August 2024; accepted on 31 August 2024
 
This study provides a comparative analysis of Customer Due Diligence (CDD) practices and regulatory compliance frameworks in the banking sectors of the United States and Nigeria. The aim was to examine how banks in these two distinct regulatory environments balance efficiency with the demands of stringent compliance requirements. The research methodology included a comprehensive review of existing literature, focusing on the intersection of regulatory frameworks, cultural and economic factors, and technological advancements in CDD processes. Key findings indicate that while U.S. banks benefit from advanced regulatory infrastructure and technological integration, Nigerian banks face significant challenges due to infrastructural deficits and regulatory inconsistencies. However, both sectors share common challenges in balancing rapid customer onboarding with thorough due diligence, particularly in a rapidly digitizing financial environment. The study concludes that harmonizing global CDD standards is essential but faces barriers due to disparities in regulatory practices, economic conditions, and cultural attitudes towards compliance. The recommendations emphasize the need for adopting risk-based approaches, leveraging digital identity verification technologies, and fostering international cooperation to create adaptable and scalable CDD frameworks. These findings underscore the importance of a tailored approach to CDD that considers local realities while aligning with global regulatory standards, ultimately enhancing both compliance and operational efficiency.
 
Customer Due Diligence; Regulatory Compliance; Banking; U.S. and Nigeria; Risk-Based Approach; Digital Identity Verification.
 
https://wjarr.com/sites/default/files/fulltext_pdf/WJARR-2024-2707.pdf

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Munachi Ijeoma Ononiwu, Obianuju Clement Onwuzulike and Kazeem Shitu. Comparative analysis of customer due diligence and compliance: Balancing efficiency with regulatory requirements in the banking sectors of the United States and Nigeria. World Journal of Advanced Research and Reviews, 2024, 23(3), 475-491. Article DOI: https://doi.org/10.30574/wjarr.2024.23.3.2707

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