Uphold Anti-Money Laundering Regulations, Olukoyede Charges DNFBPs

Uphold Anti-Money Laundering Regulations, Olukoyede Charges DNFBPs

The Executive Chairman of Economic and Financial Crimes Commission, Ola Olukoyede has charged Designated Non Financial Business and Professions, DNFBPs to adhere strictly to the provisions of the Money Laundering (Prevention and Prohibition) Act 2022 in the discharge of their duties.

He gave the charge at one-day Anti-money Laundering sensitization workshop for DNFBPs, organised on Thursday March 6, 2025 in Benin City by the Special Control Unit against Money Laundering, SCUML with the theme: “From Awareness to Action: Mobilising DNFBPs for Compliance.”

The EFCC boss who spoke through the Acting Zonal Director, ACE I Effa Okim stated that one of the aims of the workshop was to broaden understanding on compliance as non-compliance with AML/CFT regulations had serious economic consequences for the nation. He noted that the Commission valued the participation of DNFBPs in the workshop as their businesses and professions were pivotal to the growth of the economy. “As DNFBPs, you play a critical role in the growth of the economy. We are not here to stifle you businesses. All we want is that you operate within the rules and regulations as well as report suspicion transactions,” he said.

In his remarks, the Director of SCUML, who was represented by Pascal Samu, a Deputy Commander of the EFCC noted that it was important that stakeholders came together to tackle the menace of money laundering and terrorism financing. “The fight against money laundering and terrorism financing is a global challenge that requires our collective efforts.

DNFBPs are at the risk of being used as conduit pipes through which illicit funds enter the legitimate economy. Therefore, it is important that we prepare ourselves to effectively identify the danger of these financial crimes,” he said.

Speaking further, he disclosed that the workshop was aimed at equipping DNFBPs with the right knowledge to contribute their quota in tackling money laundering. “Our outreach programme is aimed at providing information concerning Know-Your-Customer, KYC, and Customers Due Diligence, CDD, measures including Politically Exposed Persons and the importance of compliance. We believe that with the right tools we can sufficiently reduce the risk within our system,” he said.

In his paper titled, “Application of KYC/CDD measures, PEP Reporting to prevent ML/TF risk for DNFBPs”, DCE Samu emphasised the importance of knowing your customers and carrying out due diligence by DNFBPs in order to guide against unwholesome practices. According to him, “The more an organisation knows about its customers/clients, the greater the chances of preventing money laundering. In some cases the simplified KYC/CDD is sufficient. In other cases, further KYC/CDD is required and could be extensive.”

ACEII Morris Keiriama, Compliance and Enforcement Officer with SCUML in his paper, titled: “Implementation of Administrative Sanctions Regime for DNFBPs,” listed fines, suspension, revocation/withdrawal of licence and warning letter as administrative sanctions that can be imposed on DNFBPs for non-compliance with regulatory authorities. Keiriama who also presented a paper on “Identifying and Reporting Suspicious Transaction Reports” urged DNFBPs to be vigilant in identifying suspicious transactions and ensure reporting of the same to relevant government agencies. “Suspicious transactions are financial transactions that you have reasonable grounds to suspect are related to the commission of a money laundering, counter-terrorism or counter-proliferation of offence,” he said.

Head, SCUML Benin Zonal Directorate, SE Ibrahim Boyi in his paper titled:

“Implementing Targeted Financial Sanction on Terrorism Financing and Proliferation Financing” noted that Targeted Financial Sanction, TFS were sanctions imposed on specific individuals, groups or organisation to prevent them from carrying out deadly terrorism activities and disrupting world peace. He urged the DNFBPs to regularly check for watch-listed names.

Among DNFBPs that attended the workshop were real estate developers, chartered accountants, solid mineral miners, automobiles dealers and casino operators.