NetEconomy Partners with Computer Warehouse Group to Fight Financial Crime in Nigeria

Companies to Work with Nigerian Banks to Implement Anti-Money Laundering Technology

LAGOS, Nigeria – April 5, 2006 – NetEconomy, the leading provider of real-time enterprise risk monitoring solutions for the finance industry, today announced a partnership with the ExpertEdge division of Computer Warehouse Group (CWG), Nigeria’s leading software and systems integrator/implementer, to provide financial crime technology solutions to the Nigerian banking industry.

“Nigeria’s Economic and Financial Crimes Commission has intensified its commitment to fighting financial crime, and we look forward to working together with CWG to join in their latest effort,” said Henry Barenholz, Vice President of Sales and Marketing at NetEconomy. “The combination of our software solutions with CWG’s expertise will deliver a new line of defense against corruption and money laundering within the Nigerian financial industry.”

Nigeria has instituted aggressive financial reforms in response to its inclusion on the Financial Action Task Force’s “Non-Cooperative Counties and Territories” (NCCT) list. The formation of the Nigeria Financial Intelligence Unit (NFIU) was an initial condition for the country’s removal from the NCCT list. Nigeria’s commitment to a clearly defined anti-money laundering program, backed up by comprehensive transaction monitoring and financial crime prevention technology, is the next step in the progression towards compliance.

“Faced with the persistent threat of money laundering, advance fee fraud, and other forms of financial crime, Nigerian banks need a technology solution that is comprehensive, flexible, and quick to implement,” said James Agada, Executive Director at CWG. “Our history of introducing and implementing new technology in Nigeria’s financial services industry, and NetEconomy’s track record of success with global customers suggested a natural partnership.”

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