The Special Control Unit Against Money Laundering (SCUML) of the Economic and Financial Crimes Commission (EFCC) has organized a workshop aimed at enhancing the compliance capabilities of Designated Non-Financial Businesses and Professions (DNFBPs) in preventing financial crimes.
The workshop, held in Sokoto on Saturday, sought to educate DNFBPs on the importance of compliance to avoid sanctions. In his address, the Zonal Coordinator of SCUML Sokoto Zonal Directorate, Ahmadu Bello underscored the importance of the workshop and called on participants to comply with the information provided in order to avoid being sanctioned.
The workshop focused on key areas critical to tackling money laundering (ML), terrorism financing (TF), and proliferation financing (PF). These include the application of Know Your Customer (KYC) and Customer Due Diligence (CDD) measures, implementing targeted financial sanctions, identifying and reporting suspicious transactions, and enforcing the EFCC’s administrative sanctions regime.
One of the core sessions explored the application of KYC/CDD measures and Politically Exposed Persons (PEP) reporting, while emphasizing the need for DNFBPs—such as real estate agents, legal practitioners, accountants, and luxury goods dealers—to implement strict identity verification procedures. By strengthening these checks, businesses can prevent their services from being exploited for illicit financial activities.
The session on “The implementation of targeted financial sanctions on terrorism financing and proliferation financing”, guided participants on how to comply with national and international sanction lists, ensuring that individuals or entities flagged for terrorism-related activities do not exploit DNFBPs to channel funds. The session also detailed the consequences of non-compliance, including legal repercussions.
The Nigerian Financial Intelligence Unit’s (NFIU) presentation, “Identifying and reporting suspicious transactions”, equipped the DNFBPs with the skills to detect red flags associated with money laundering and terrorism financing. Emphasis was placed on timely and accurate reporting to the relevant authorities, ensuring that financial crimes can be intercepted before they escalate.
The session on the “Implementation of its administrative sanctions regime for DNFBPs”, outlined the penalties for non-compliance, ranging from fines to possible business restrictions.
The presenter reiterated the EFCC’s commitment to enforcing these regulations to ensure a more robust financial environment that is resistant to criminal exploitation.
The workshop underscored SCUML’s ongoing efforts to strengthen Nigeria’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework.
By equipping DNFBPs with the necessary compliance tools, the initiative aims to bolster the nation’s financial integrity while aligning with global standards set by the Financial Action Task Force (FATF).
The facilitators included Ahmadu Bello, Morris Kieriama, and Aminu Ahmad.
