EFCC orders DNFBPs to report transactions above N5m, N10m

The Economic and Financial Crimes Commission (EFCC) has mandated Designated Non-Financial Businesses and Professions (DNFBPs) to appoint a compliance officer to ensure adequate reporting of currency transactions of N5,000,000 and above from individuals and N10,000,000 and above from corporate bodies, respectively.

The anti-graft agency also insisted that DNFBPs must comply with the Anti-Money Laundering / Countering The Financing Of Terrorism (AML/CFT) regulations to support global efforts in keeping terrorism at bay.

Speaking during a one-day sensitization programme organised by the Special Control Unit Against Money Laundering, (SCUML) for DNFBPs, acting Director, Lagos Directorate of the EFCC, Michael T. Wetkaz, advised DNFBPs to conduct their dealings in line with the provisions of the Money Laundering Prohibition and Prevention Act 2022.

He urged participants not to create a room in their respective businesses for criminally-minded people to thrive.

He noted: “The financial institutions,  to a large extent, have been regulated; and the issues of terrorism have been of great concern, globally.

“As a result, nations have tightened measures to ensure that the bad people have very limited space or even no space to operate, thereby helping to improve safety and security. But if you allow these criminal activities to pass through your businesses, it will worsen the insecurity situation in the country.

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“Please, do your part and report activities that you are obligated to report.

“We are doing our part to sensitize you. We do this, so you know what you are supposed to do and you are not caught on the wrong side of the law.  We should all work together to make it difficult for the bad actors.

“You have come today so that we can work together to make this country a better place for us all to live in.”

In her remarks, Folasade Oluwasanya, an Assistant Commander of the EFCC, ACE 11, spoke extensively on financial sanctions and Politically Exposed Persons( PEPS) reporting.

The training focused on creating more awareness for the DNFBPs on beneficial ownership and targeted financial sanctions.