Search results

This study aims to investigate the impact of FinTech on money laundering within the context of Nigeria. The motivation stems from observations suggesting that FinTech platforms might be used for illicit money transfers, particularly from developed to developing economies. While existing literature predominantly highlights the positive aspects of FinTech, there's a dearth of studies addressing its potential association with money laundering. Current understanding of this relationship relies heavily on anecdotal evidence derived from reported or convicted cases. Thus, the primary goal of this study is to analyze the influence of FinTech on money laundering while also considering the moderating effects of financial regulation and financial literacy as perceived by users. The research delves into regulatory perspectives concerning money laundering and FinTech.

To fulfill the study's objectives, a quantitative research design is used. A survey of 248 FinTech users in Nigeria is conducted using structured questionnaires. Data collected from the questionnaires is analyzed using partial least square structural equation modeling (PLS-SEM).

The quantitative analysis revealed a significant relationship between FinTech and money laundering and that financial regulation moderates the relationship between FinTech and money laundering in Nigeria, but such was not established with respect to financial literacy. The results of the quantitative approach that uses secondary data are consistent with the qualitative approach. FinTech the results indicate the presence of technology induced money laundering in Nigeria. Regulating technology-based anti-money laundering poses serious challenges for developing countries due to the absence of specific laws that mitigate the threats.

The paper focuses on Nigeria as a case study, which may limit the generalizability of the findings to other countries with different FinTech ecosystems, regulatory frameworks and financial literacy levels.

The finding is useful in developing guidelines and regulations by policymakers and strategies by practitioners in relation to FinTech, money laundering, financial regulation and financial literacy. On the basis of the above, the authors recommend regulation at the national and industry level to mitigate the adverse effect of technology on money laundering. Thus, multilateral partnerships can help in tackling tech-induced money laundering through strengthened cooperation.

Money laundering risks: The study highlights that FinTech, while beneficial, also poses significant risks for money laundering activities, especially in developing countries like Nigeria. Regulatory Importance: It emphasizes the critical role of financial regulations in mitigating the risks associated with FinTech and money laundering. Financial Literacy: The paper suggests that financial literacy does not significantly moderate the relationship between FinTech and money laundering, indicating the need for stronger regulatory measures rather than relying solely on financial literacy. Policy Formulation: The findings are crucial for policymakers to formulate strategies that balance the benefits of FinTech with the need to prevent money laundering and ensure financial system integrity.

This research presents a novel approach to methodology, specifically focusing on the qualitative research design, addressing population, sampling techniques and data collection methods. It emphasizes techniques aimed at ensuring measurement quality and achieving research objectives. Data collection used survey questionnaires, while analysis involved both statistical package for social science (SPSS) and PLS-SEM. SPSS facilitated descriptive and preliminary analyses, while PLS-SEM confirmed measurement quality and tested hypotheses. Ethical considerations were paramount throughout the research process, underscoring the commitment to maintaining originality in research endeavors.

Today's online catalogs typically access machine‐readable records for books, journal titles, and audio‐visual materials, and indicate their circulation status. In the future, the database of these traditional records may be dwarfed by additional databases that will become part of the future electronic library. A few libraries are already experimenting with the addition of other text files to their catalogs. Broad‐band telecommunications networks and supporting technologies are being developed rapidly and will significantly affect the evolution of online catalogs. Growing applications of online catalogs, and network access to them, will require more sophisticated and powerful processing. Six prominent consultants—Joseph Becker, Gayla Kraetsch Hartsough, Raymond DeBuse, Jose‐Marie Griffiths, Rick Richmond, and Wilson Stahl—address these and related issues.

Library automation has both tested the educational preparation of librarians and created new educational demands. Four major consultants—James E. Rush, Jose‐Marie Griffiths, Wilson M. Stahl, and Rob McGee—discuss the competencies currently required of professional librarians, consider the extent to which new graduates and working librarians possess these qualifications, and identify methods by which organizations and individuals can realize the goal of professional competence. In addition to addressing formal educational programs, the consultants place a great deal of emphasis on continuing education. Continuing education must become a job requirement; library managers must be responsible for creating, encouraging, and supporting such opportunities for individuals and the total organization.

Unethical behavior hurts everyone, including the offending person or organization. Unfortunately, the effects of unethical behavior are often long delayed, so the consequences are thus often attributed to the wrong cause. When librarians purchase automated systems, unethical practices—whether committed by consultants, vendors, or librarians—will cause significant harm to the libraries because they can not only acquire inadequate systems, but encounter many managerial and operational problems as well. In this symposium, five major consultants—Rob McGee, Howard Harris, Jose‐Marie Griffiths, Susan Baerg Epstein, and James Rush—share their experiences and thoughts on related issues.

Five prominent consultants—Susan Baerg Epstein, James Rush, Jose‐Marie Griffiths, Rob McGee, and Wilson Stahl—address the development and use of the request for proposals (RFPs) in the library automation procurement process. Most consultants agree that the RFP is an effective means of selecting a system, if used properly. But it can be misused, is frequently substituted for sound judgment and intelligent decision making on the part of library staff, and is expensive. Librarians often focus so much on preparing the RFP that the goals of the planning process are lost. The preparation of the RFP is only one step in the procurement and installation process. It should be viewed as one intermediate objective, which must be coordinated with others to achieve successful results.

Five prominent consultants—James Rush, Richard Smith, Susan Baerg Epstein, Jose‐Marie Griffiths, and Rob McGee—address the issues that most effect system performance. They note that virtually every phase of planning for a system involves issues related to performance. No single topic is more essential to the successful implementation of a system. Guidelines and advise are provided.

When, back in 1994, I spoke to the National Commission on Libraries and Information Science (NCLIS) on the state of network development in Tennessee, I began by saying, “In Tennessee, as in many states, network development is multidimensional, multidisciplinary, multifaceted, multilateral, multidirectional—and therefore multi‐confusing.”

The library automation marketplace is characterized by five significant realities. The first is the changing status of vendors in the marketplace. The development of capabilities and the support of installed systems compete for the same corporate resources, resulting in an evolution in the leadership position of vendors. Second, the market is polarized, containing experienced institutions that are replacing systems and institutions that are entering the market for the first time. Communication within the marketplace is intense, which can contribute to the success of a project; the peer network also can increase the chances of replicating older, proven technologies while making it more difficult for new vendors to enter the marketplace. The institutions that comprise the marketplace are extremely slow to develop their plans and commit their resources. The library automation marketplace is also very small and relatively poor. Library automation vendors must recognize and contend with these realities.