SON, BSI Moves to Deepen Fraud, AML Controls with New ISO Standards
L-R - David Adamson British Standards Institution(BSI), Chairman(SON) of the National Technical Committee on Governance of Organisations and Convener of ISO/TC 309 Working Group 14, Prof. Oserheimen Osunbor, Mr Yunusa Muhammad HoD, Standards Development Department(SON), Duncan Jepson ISO/TC 309/WG 14 Project Leader.
In a move to combat financial crimes the Standards Organisation of Nigeria (SON) in partnership with the British Standards Institution(BSI), UK Government said it will continue to intensify efforts to strengthen governance and combat financial crimes through the deployment of new international standards on fraud control and anti-money laundering
This, the government agency said at a high-level stakeholders’ forum where key regulator converge to chart ways forward on the implementation of ISO 37003:2025 on Fraud Control Management Systems.
The forum, held in Lagos on Wednesday, with the theme: Fraud Control Anti-Money Laundering and Standards, drew participants from key regulatory and enforcement agencies, including the Independent Corrupt Practices and Other Related Offences Commission(ICPC), Central Bank of Nigeria( CBN), Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria(CIFCFIN), Nigerian Financial Intelligence Unit(NFIU), Economic and Financial Crimes Commission(EFCC) amongst others.
Representing the Director General/Chief Executive of SON, Dr. Ifeanyi Chukwunonso Okeke, Mr. Yunusa Muhammed described effective governance as a strategic imperative for national development, economic competitiveness and public trust, rather than a mere administrative obligation.
He said the newly published ISO 37003:2025 standard marked a major milestone in the global fight against fraud but stressed that its true value lies in implementation and measurable impact.
The SON DG, warned that fraud and money laundering remain systemic threats that weaken institutions, distort markets and undermine national development. He added that as Nigeria deepens participation in international standardisation activities, the work of ISO Technical Committee (ISO/TC) 309 has become increasingly central to the country’s reform agenda.
He urged stakeholders to take ownership of ISO 37003 within their organisations, contribute actively to the development of ISO/NP 37013, and view standards as enablers of transparency, resilience and competitiveness rather than compliance burdens.
He reaffirmed SON’s commitment to providing guidance, capacity building and sustained engagement to ensure effective adoption of the standards nationwide.
On his part, Chairman of the National Technical Committee on Governance of Organisations and Convener of ISO/TC 309 Working Group 14, Prof. Oserheimen Osunbor, underscored the urgency of coordinated action, citing alarming data on fraud trends.
He referenced studies by global bodies including the Association of Certified Fraud Examiners (ACFE), PwC, KPMG and the FBI, which show rising fraud incidents worldwide, driven largely by cybercrime. In Nigeria’s banking sector, reported fraud and forgery cases rose by 88 per cent within a one-year period between 2020 and 2023/2024, while total losses surged by about 350 per cent over the same period.
Describing the figures as staggering, Osunbor said ISO 37003 seeks to provide organisations with structured guidance for the development, implementation and continuous improvement of fraud control management systems, covering prevention, early detection and effective response mechanisms.
He also highlighted progress on ISO/NP 37013, a proposed international standard on Anti-Money Laundering Management Systems, which was approved following a favourable ballot within ISO/TC 309 in November 2025.
According to him, the proposed AML standard is designed to complement regulatory and Financial Action Task Force (FATF) requirements by offering a scalable framework that organisations can systematically implement, audit and improve.
“The objective is to support organisations in identifying and assessing money laundering and terrorism financing risks, designing preventive, detective and corrective measures, and integrating AML considerations into governance and operational processes,” he said.
Osunbor added that the working group held its inaugural meeting earlier in the week in Lagos to develop a working draft and called for more experts to participate in shaping the standard at its formative stage.
Speaking at the workshop, David Adamson Lead Standards Development Manager,British Standards Institution (BSI) reaffirmed the United Kingdom’s commitment to strategic collaboration with Nigeria in advancing governance standards. He noted that the partnership, supported by the UK Foreign, Commonwealth and Development Office (FCDO), aims to ensure that standards developed at the international level translate into real-world impact.
Adamson said the Lagos forum builds on an earlier engagement in Abuja and is targeted at practitioners in the commercial hub who are directly affected by fraud and financial crimes.
He emphasised that standards should not be documents “published and placed on shelves,” but practical tools that help organisations combat fraud, bribery, money laundering and related crimes such as modern slavery and human trafficking.
“What we are trying to do is bring experts together for the collective good, so that these standards genuinely help industries, commerce and ultimately improve lives,” he said.
During the panel discussion, it was reiterated that there is a need for stronger inter-agency collaboration to curb fraud, money laundering and other financial crimes, while aligning efforts with the national policy on standardisation to achieve measurable impact.
