The Independent Corrupt Practices and Other Related Offences Commission (ICPC) have commended Access Bank plc for compliance in the fight against money laundering and related crimes.
Nigeria as several countries of the world is confronted with the challenges of money laundering and terrorism.
These challenges according to Ekpo Nta, Chairman of ICPC could be tackled through good conduct and compliance mechanisms of corporate bodies especially banks.
Speaking at a workshop on Conduct and Compliance organised by Access Bank urged the bank continue in its drive.
He said for a successful compliance programme banks and financial institutions must ensure strict internal policies and control measures must be developed to ensure the staff and employees comply with the legal requirements.
They must also ensure that banks and the staff are on the good side of the law and not run fowl and avoid sanctions from the regulators. He recommends prompt report of suspicious transactions and fraudulent practices to appropriate authorities.
Speaking at the occasion, Obinna Nwosu, group managing director, Access Bank, said his bank had put in place structures that would ensure that the bank continues to comply with anti-money laundering regulations.
He stressed the need for improved collaboration among financial institutions so as to remain ahead of terrorists and fraudsters.
“I believe that compliance both at a personal level and at a corporate level is very important to have a decent society,” he said.
Isah Aminu Buhari, Co-Chair, Association of Certified Antimony Laundering Specialists (ACAMS), said Successful participation in combating the financing of terrorism by the financial sector requires domestic and international cooperation/collaboration by countries and law enforcement agencies, with the financial institutions to an unprecedented degree.
According to him, the implementation of AML/CFT regulations has assisted in the continuous safeguard of the international financial system despite the constant evolving nature of terrorism and the risks posed by the terrorist organizations.
Making a presentation on “Beyond Anti Money Laundering and Terrorism Funding Law(s),” at event Uzoma Kingsley, managing director, MOSECON Africa, noted that the 21st century, also known as the digital age, is characterised by the cancer of terrorism and illicit money laundering activities.
He further noted that financial Institutions are hubs for funds distribution, storage and at the same time victims of circumstances.
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