FCMB’s Managing Director, Mrs. Yemisi Edun, calls for heightened collaboration among banks, particularly in sharing information, to efficiently tackle money laundering, terrorist financing, and other illegal activities within the financial sector. She emphasized that information sharing would make it simpler to prevent criminals from exploiting the financial system.

At the Association of Committee of Chief Compliance Officers of Banks in Nigeria’s quarterly meeting, hosted by FCMB in Lagos, Edun praised the recent actions of the Central Bank of Nigeria (CBN) to renew the Naira and revise the Anti-Money Laundering, Countering Financing of Terrorism, and Proliferation Financing policy. She also commended the Nigeria Financial Intelligence Unit (NFIU) for its ban on cash withdrawals from public accounts, aimed at advancing a cashless economy in accordance with the law. Edun stated, “These policies and actions demand our serious attention in the banking industry, from both operators and regulators. They are transforming the way banking is conducted in Nigeria and require us to share experiences to maximize benefits and tackle potential challenges.”

Edun added, “The prohibition on cash withdrawals from public accounts presents a great opportunity for us to promote our digital banking products to government agencies while maintaining financial security in the country.”

ACCOBIN Chairman, Mr. Boye Ogunmolade, also spoke at the meeting, saying, “As a professional association, we will continue to enhance our capacity and offer practical guidance to our members to better perform their role in protecting their institutions and the banking industry. We commend the Managing Director of FCMB for her impactful speech and wealth of experience.”

Source: Vanguard News

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