FCMB preaches syn­ergy to com­bat fi­nan­cial crime

The Punch - - MONEY - Nike Popoola

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.”

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