EFCC Calls For Stringent Customer Due Diligence By Corporations

EFCC Calls For Stringent Customer Due Diligence By Corporations....KINDLY READ THE FULL STORY HERE▶

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to participants in Nigeria’s extractive sector, urging strict adherence to Know Your Customer (KYC) regulations or face legal consequences. This caution follows the EFCC’s ongoing efforts to combat fraud and corruption within the sector, ensuring compliance with all relevant laws.

Speaking at the 117th ‘EFCC Connect’ forum in Abuja, Ahmed Lawal, Head of Proceeds of Crime Management at the EFCC’s Maiduguri Zonal Command, highlighted the sector’s susceptibility to various fraudulent activities across its upstream, midstream, and downstream components. These activities, he emphasized, pose significant threats to both government revenues and individual stakeholders.

Lawal underscored the critical role of KYC compliance in mitigating these risks, stressing the necessity for companies to conduct thorough due diligence on their customers and suppliers. He cautioned that neglecting such protocols could facilitate illicit activities like money laundering and terrorism financing.

In conclusion, the EFCC urged industry players to ensure they obtain requisite licenses and permits, alongside robust KYC procedures, to safeguard against financial malpractice and uphold regulatory standards.