FCMB insists on synergy to combat financial crimes

The Managing Director of First City Monument Bank (FCMB), Mr. Adam Nuru, has called for vigilance and concerted efforts among stakeholders in the banking industry towards combatting financial, cyber and other-related crimes.

The chief executive said financial crimes, particularly money laundering and terrorism financing, are increasingly becoming pervasive in the society, and therefore requires combined effort and effective regulation to decisively deal with them.  Mr. Nuru stated this while declaring open the 44th quarterly meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), hosted by FCMB.

The meeting of ACAEBIN, which is a sub-committee of the Bankers’ Committee of the Central Bank of Nigeria (CBN), focused on the effects of money laundering and terrorism financing, non-compliance and sanctions for such crimes. The  meeting  considered   understanding of the role and expectations of internal auditors in combating the financing of terrorism, enhancing the Central Bank of Nigeria (CBN)’s anti-money laundering administrative sanctions regime and how technology can be a major ally in combating money laundering and terrorism financing.

The MD spoke on the theme, ‘The Role of Internal Audit in Combating the Financing of Terrorism and Enhancing CBN Anti Money Laundering Administrative Sanctions Regime’.

He stated that though stakeholders have continually reviewed strategies and initiated policies towards combating money laundering and terrorism financing worldwide, there was more to be done particularly in the areas of corporate governance, due diligence, risk and compliance, to checkmate the menace. The International Monetary Fund (IMF), says the scale of money laundering globally, is estimated to be between 2 and 5% of World Gross Domestic Product at the barest minimum, translating into a range of $590 billion to $2 trillion of laundered money every year.

And it is just about 1% of such illicit inflows that is confiscated by the authorities. A recent report by the Economic and Financial Crimes Commission (EFCC) also revealed that as much as $129 billion, has been transferred illicitly out of Nigeria in the last 10 years.

In his speech, President of ACAEBIN, Mr. Yinka Tiamiyu, said, “the theme of the meeting could not have come at a better time when the apex bank has commenced full implementation of the sanctions prescribed. “As Auditors and valued stakeholders, we have a very critical role to play to ensure that our respective organisations adhere strictly to this policy.

“The Central Bank of Nigeria through the Payment Systems Management Department is doing a lot especially as it concerns the Vision 2030 Payment Systems Management Framework,’’ Mr Tiamiyu said.