Banks must collaborate to fight illicit practices – Edun

The Managing Director (MD) of First City Monument Bank (FCMB), Mrs Yemisi Edun, has advocated increased collaboration among banks, especially in information sharing, to effectively combat money laundering, terrorist financing and other illicit practices within the financial system.

She stated that information sharing would make it easier to stop criminals from abusing the financial system.

The bank chief made the call while declaring open the quarterly meeting of the Association of Committee of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) hosted by FCMB in Lagos.

Mrs Edun noted that the recent bold moves of the Central Bank of Nigeria (CBN) to redesign some naira notes and issue a revised Anti-Money Laundering, Countering Financing of Terrorism and Proliferation Financing (AML/CFT/CPF) policy was commendable.

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She said, “The policies and actions demand serious attention from us in the banking industry – operators and regulators alike. They have come to change the face and mode of banking operations in Nigeria. It is a new day for all of us.’.

Also speaking, the Chairman of ACCOBIN, Mr Boye Ogunmolade, said, “As a professional association, we will continue to build the capacity and offer practical guidance to our members to better perform their functions of protecting their respective institutions and the banking industry.’’