Banks Urged To Partner On Fight Against Illicit Practices Business
This, she said, was to effectively combat money laundering, terrorist financing and other illicit practices within the financial system, adding that, information sharing would make it easier to stop criminals from abusing the financial system.
Edun, who made the call while declaring open the quarterly meeting of the Association of Committee of Chief Compliance Officers of Banks in Nigeria , hosted by FCMB in Lagos recently, noted that, the recent bold moves of the Central Bank of Nigeria to redesign the Naira and issue a revised Anti-Money Laundering, Countering Financing of Terrorism and Proliferation Financing policy is commendable.
She also lauded the Nigeria Financial Intelligence Unit for prohibiting cash withdrawals from public accounts to promote a cashless economy in line with the framework of the law. She emphasised that the policies and actions demand serious attention from professionals in the banking industry – operators and regulators alike, noting that, “they have come to change the face and mode of banking operations in Nigeria. It is a new day for all of us. None of us can claim to be an overall expert; as such, sharing experiences will go a long way in helping us optimise the benefits of these policies and face the challenges that are bound to emerge.
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