The Chartered Institute of Bankers of Nigeria has emphasised the urgent need to mitigate the effect of fraudulent activities such as money laundering, terrorists financing and identity theft in the banking system and the economy in general.
The organisation said the impact of the anti-economic activities on the nation, organisations and individuals were too enormous to be ignored.
The CIBN made this known in Lagos on Wednesday while unveiling training programmes meant to help sensitise business owners on how they could check perpetrators of fraudulent activities.
The institute explained the development could boost investments in the nation’s financial system.
The First Vice-Chairperson, CIBN, Lagos Branch, Mrs. Taiwo Ige, said the institution was organising the programme to provide adequate security for depositors’ funds and the need for banks to woo and establish customers’ confidence.
She said in view of the recent policy of the Central Bank of Nigeria on biometric authentication of bank customers, the training programme was apt to provide needed education.
The chairperson stated further that the training became relevant in view of the happenings in the financial sub-sector of the economy, and the need to protect the economy and investors’ funds.
She said, “On identity theft, there have been a lot of reports to banks on compromise of Personal Identity Number especially by people that use Automated Teller Machine. Money laundering is crucial to financial sector of the economy because they are the launching pad through which money exchanged hands.
The CIBN leader noted that the war against “white collar crimes” could only be fought through effective “new legislation and penalties” as it was being done in other climes, regretting that the battle against the economic vice was far from being won in the country.
Ige said, “The problems of fraud perpetrated through identity theft and money laundering are increasing at an unprecedented rate. Governments worldwide are introducing new legislation and penalties to curb these white collar crimes.
“It is, therefore, crucial that the CIBN members and others, whether in practice or in business, are fully aware of this trend, and are alert to the signs of money laundering with its attendant consequences on businesses, the national economy and the image of the country at large.”
The Deputy Chairman, CIBN Publicity Sub-Committee, Lagos Branch, Mr. Jide Iyanda, submitted that the programme was part of the institution’s contribution to the solution of identity problem in the country and how to do business better in the country.
He said it became necessary in order to woo investors and make the country “attractive” to international community.
He said, “That’s why we are bringing juggernauts together in e-business, identity business to rob minds and proffer solution to the problems occurring in e-business and financial transactions.
The First Assistant Secretary, CIBN, Lagos State Branch, Mr. Adeyemo Adeoye, stressed that the programme was pertinent to the present regulatory stance both locally and internationally, adding that the training programme would mitigate the impact of identity theft, saying the programme would also sensitise the players because the country’s financial sector had yet to be fully developed.
The programme, which has the theme, “anti-money laundering, terrorists financing and identity theft management,” will be held in Lagos.
The Commercial Counsellor, Commerce and Finance, United States Consulate General, Mr. Brian McCrery, is one of the facilitators among other professionals who are going to deliver lectures.
Source: Punch (by Oyetunji Abioye)
