FCMB preaches synergy to combat financial crime
THE Managing Director, First City Monument Bank, Mr Adam Nuru, has called for vigilance and concerted efforts among stakeholders in the banking industry, to combat financial, cyber and other-related crimes.
He said financial crimes, particularly money laundering and terrorism financing, were increasingly becoming pervasive in the society, and therefore required combined effort and effective regulation to decisively deal with them.
Nuru stated this while declaring open the 44th quarterly meeting of the Association of Chief Audit Executives of Banks in Nigeria, which was hosted by FCMB in Lagos on Thursday.
The meeting of ACAEBIN, which was a sub-committee of the Bankers’ Committee of the Central Bank of Nigeria, focused on the effects of money laundering and terrorism financing, non-compliance and sanctions for such crimes.
The meeting considered understanding of the role and expectations of internal auditors in combating the financing of terrorism, enhancing the CBN’S anti-money laundering administrative sanctions regime, and how technology could be a major ally in combating money laundering and terrorism financing.
Speaking on the theme, ‘The role of internal audit in combating the financing of terrorism and enhancing CBN Anti- money laundering administrative sanctions regime,’nuru stated that though stakeholders had continually reviewed strategies and initiated policies towards combating money laundering and terrorism financing worldwide, there was more to be done particularly in the areas of corporate governance, due diligence, risk and compliance, to checkmate the menace.
He stated, ‘’Recent improvements in technology in the banking industry globally, has also exacerbated the scope and reach of money laundering.
“With advancements, especially in digital financial services, money launderers have now developed more complex and intricate arrangements outside of the formal financial services industry, making use of various mechanisms in designated non-financial institutions and sectors.
“There are possibilities in their use of digital products such as cryptocurrencies.”