Banks Prompted To Partner On Fight Against Lawless Practices

The managing director/ CEO of First City Monument Bank( FCMB), Mrs Yemisi Edun, has supported increased collaboration among banks, especially, in information sharing.

This, she said, was to effectively combat plutocrat laundering, terrorist backing and other lawless practices within the fiscal system, adding that, information sharing would make it easier to stop culprits from abusing the fiscal system.

Edun, who made the call while declaring open the daily meeting of the Association of Committee of Chief Compliance Officers of Banks in Nigeria( ACCOBIN), hosted by FCMB in Lagos lately, noted that, the recent bold moves of the Central Bank of Nigeria( CBN) to redesign the Naira and issue a revised Anti-Money Laundering, fighting Backing of Terrorism and Proliferation Financing( AML/ CFT/ CPF) policy is estimable.

She also lauded the Nigeria Financial Intelligence Unit( NFIU) for proscribing cash recessions from public accounts to promote a cashless frugality in line with the frame of the law.

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She emphasised that the programs and conduct demand serious attention from professionals in the banking assiduity – drivers and controllers likewise, noting that, “ they have come to change the face and mode of banking operations in Nigeria. It’s a new day for all of us. None of us can claim to be an overall expert; as similar, participating gests will go a long way in helping us optimise the benefits of these programs and face the challenges that are bound to crop . ”

The banker noted that, client due industriousness remains the bedrock and foundation of an effective AML/ CFT/ CPF programme for fiscal institutions, advising banks to regularly review client accounts and seek explanations for unusual deals and trends.

While delivering ACCOBIN for its donation towards professionalism, translucency, and erecting a strong and feasible banking assiduity, she stressed that, stakeholders must remain watchful and avoid violating laws made by the controllers.

Also, the president of ACCOBIN, Mr Boye Ogunmolade, said “ as a professional association, we will continue to make the capacity and offer practical guidance to our members to more perform their functions of guarding their separate institutions and the banking assiduity. We recommend the MD of FCMB for bringing her wealth of experience to bear through the poignant speech she delivered. ’’


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