Chief Executive Officer of the First Bank Group of Nigeria Limited, Dr. Adesola Adeduntan, noted that they had reiterated their commitment to comply with Anti-Money Laundering (AML) compliance and due diligence to combat money laundering and safeguard the global financial ecosystem.
The Association of Chief Compliance Officers of Banks in Nigeria met in the country’s capital, Lagos, to discuss compliance and due diligence according to regulatory measures are a vital part of banking corporate ethics. The Chief Executive addressed that these ethics are the main reason behind our customer trust, and we ensure to continue this with loyalty as a foremost financial institute for 130 years. He stated, “The theme of the meeting, Institutionalising Customer Due Diligence/Know Your Customer (KYC) in the Financial Services Sector is highly decisive in ensuring a healthy landscape for financial services providers in Nigeria, and I commend the executives of ACCOBIN and other stakeholders for their thoughtfulness in putting this together.”
He also explained how a year prior, when banks were campaigning for CFT and AML compliance, many people did not understand the concept behind this and neglected these regulations, which caused them hefty fines, sanctions, and they faced various financial crimes. He urged the other Nigerian banks to utilise the advanced technology to comply with the latest obligations and Enhance Due Diligence (EDD). This will ensure financial institutes create a seamless and secure environment for customers and stakeholders. He stated, “By adopting a structured and systematic approach to conducting Customer Due Diligence, banks become adequately equipped to combat money laundering, terrorism and other associated activities effectively. The benefits are manifold, with a major one being increased confidence and trust in the banking industry, ultimately leading to higher profitability. “
They also highlighted the importance of robust technology to verify the business’s Ultimate Beneficial Owners (UBOs) to reduce the risk of financial crimes, money laundering, fraud, and other illicit activities through counterfeit business. Banks can implement digital techniques, such as computerised verification systems that quickly check customer information against surveillance lists, penalties lists, and adverse media files, as well as the monitoring of customer activities through the setting up of an accurate tracking system to constantly assess customer behaviour and spot any potentially illegal transactions, in order to streamline the due diligence process.
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