BDCs, NFIU embark on capacity building for anti-money laundering, terrorist financing
by HOPE MOSES-ASHIKE
May 22, 2018 | 1:32 am| | | Start Conversation
In compliance with the anti-money laundering and terrorist financing (AML/CFT) regulation, Bureaux De Change Operators of Nigeria and Nigeria Financial Intelligence Unit (NFIU) have embarked on a capacity building.
The two institutions recently concluded a three-day joint training/sensitization programme on anti-money laundering and terrorist financing.
The programme, attended by head offices/zonal secretariats staff of ABCON and key personalities from the NFIU was held at the ABCON Secretariat, in Ikeja Lagos. .
Speaking to financial journalists at the end of the training, ABCON President, Aminu Gwadabe, said the anti-money laundering training is intended to familiarize Bureaux de Change (BDC) operators with the process of money laundering — the criminal business used to disguise the true origin and ownership of illegal cash — and the laws that make it a crime.
The training, he said, will create awareness on the need to check money laundering and terrorist financing in this period of electioneering; ensure that BDCs are not used to launder funds by Politically Exposed Persons (PEPs). It will also upscale BDCs’ compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Banks and Other Financial Institutions in Nigeria Regulations, 2013.
Gwadabe explained that the NFIU is the arm of the global financial Intelligence Unit (FIU) and the joint training is part of the efforts of the Federal Government in combating money laundering, and financing of terrorist activities within the country. The training is in line with BDCs commitment to meeting their obligations towards the Financial Action Task Force (FATF) Recommendations.
He said the core role of the FIU is that it serves as the country’s central agency for the collection, analysis and dissemination of information regarding money laundering and the financing of terrorism and the training was an opportunity to get more acquainted with the role of NFIU and have a better understanding on how to file their transaction reports to regulatory agencies.
He said the trainings will enable BDCs to understand how to raise the Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs) to know when to submit such reports. He said these reports are raised by operators on suspicious activities of individuals and are submitted to Financial Intelligence Unit.
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