Banks move against money laundering, terrorism financing

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The Association of Chief Compliance Officer of Banks in Nigeria has said it will continue to increase the awareness of the public on the debilitating effects of money laundering, terrorism financing and other criminal activities on the socio-economic and political development of the country.

ACCCOBIN also said it had been able to initiate preventive, detective, corrective and directive programmes within the banking industry to stem the tide of criminal activities in the sector.

The Chairman, ACCOBIN, Opeyemi Adojutelegan, said this during a press briefing in Lagos ahead of the group’s conference coming under the theme“The impact of technology on managing compliance risk in banks,” and other activities to mark a decade of the association’s pioneering inter-disciplinary compliance in Nigeria.

He said, “ACCOBIN, formerly known as the Committee of Chief Compliance Officers of Banks in Nigeria, was formed in 2007 by all the Deposit Money Banks in Nigeria to deepen the collaborative, cooperative and coordinating efforts among its members and all other stakeholders in the fight against money laundering, terrorist financing, fraud and all other criminal activities in the financial services industry and the country at large.

“Ten years down the line, it has become the rallying point for matters concerning anti-money laundering/combating the financing of terrorism compliance in Nigeria.”

He also said that it was committed to promoting the culture of compliance among all other sectors within the financial industry as a way of ensuring the safety, stability, security and soundness of the institution.

The Chairman, Planning Committee, Franklyn Bennie,   said activities to mark the event would start with a walk against corruption and that the committee in collaboration with other stakeholders aimed to raise awareness about the serious consequences of corruption.

He said it would have a career talk day when compliance officers of all banks country-wide would visit selected secondary schools   to enlighten the   younger generation on career opportunities in the compliance function and what it would take to be a compliance officer.

He also said there would be a compliance conference day and ringing of the closing gong at the Nigerian Stock Exchange.

To mark the end of the 10th anniversary week, he said, the committee had planned a gala night to honour its founding members and some special individuals and organisations that were exceptionally supportive of the committee in its early days.

“The compliance awareness day is set aside to educate the Nigerian public on the evils of major compliance-related subjects like money laundering, terrorism financing, financial crimes and corruption,” he said.

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