‘How CAMA will tackle fight against money laundering, others’
This, the practitioners argued, is to avoid being vulnerable to threats and risks both within and outside Nigeria, while addressing a news conference ahead of the annual Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) lecture series webinar on the implementation of CAMA 2020 by AML/CFT Compliance Reporting Entities and Accountable Institutions in Nigeria.
The Chief Executive Officer, DataPro Limited, Oladele Adeoye, said the programme was borne out of the need to facilitate the culture and conduct of AML/CFT compliance in Nigeria.
He said the yearly summit would address challenges and proffer solutions associated with CAMA 2020 by the AML/CFT Compliance Community, and would also promote collaboration and coordination among stakeholders on issues pertaining to AML/CFT compliance in Nigeria.
Founder, DataPro Group, Abimbola Adeseyoju, disclosed that many practitioners were concerned with implications to the on-boarding of Non-Profit Organisations (NPOs), Due Diligence requirements for Ultimate Beneficial Owners (UBOs), and the impacts on compliance policies, programmes, processes and procedures in the 2020 CAMA.
He said there were likely changes to be expected in Know Your Customer (KYC), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) practices in Financial Institutions (FIs), and Designated Non-financial Institutions (DNFIs).
Speaking on the role of the Corporate Affairs Commission (CAC), Business Development Manager and Head, DataPro Training Academy, Kehinde Rasheed, emphasized the significant role the Commission is playing in the fight against economic and financial crimes in Nigeria.
He said: “One of the methods and techniques by which criminals and their organisations launder their proceeds from crime is through the use of legal persons such as limited liability companies, and legal arrangements such as trusts, charities and foundations.
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