ACCOBIN Advocate Increased Measures to Counter Financial Crimes

Nume Ekeghe

The Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) has called for more collaboration between deposit money banks in the country and law enforcement to combat financial crimes in banks.

Chairman of ACCOBIN, Mr. Adeboye Ogunmolade, made the call during its recently concluded 3-Day retreat themed, “Building a Compliance Culture: Laying the Foundation for a Strong Future.”

Ogunmolade, in his opening remarks said: “As an association, we require a shift to improve our strategies, thus the necessity of this retreat. As Chief Compliance Officers (CCOs), we play a crucial role in promoting economic growth and development as our responsibilities extend beyond simply combating financial crimes and countering terrorism; our role encompasses the entire process of ensuring our banks comply with all applicable laws and regulations across board.”
He added, “Given that financial crime is a global problem requiring a coordinated response, increased measures such as stricter enforcement are needed to prevent these crimes. To prepare ourselves for the solutions that future problems may pose, the learning at this retreat will equip us with new strategies for evaluating, preventing, and predicting these threats.”

Speaking, the Economic and Financial Crimes Commission (EFCC) Zonal Commander, Lagos, Ahmed Ghali,  emphasised the need for and importance of the yearly retreat to building a stronger compliance culture in the Nigerian financial sector.

According to him, “The spate of fraud perpetrated through financial institutions ranging from money laundering, cybercrimes, kidnapping for ransom in Nigeria has led to an unprecedented focus on the depth and effectiveness of compliance and regulation, therefore there is need to make the most use of technology, thorough engagement of all employees, partnering with regulators and collaboration amongst all financial institutions.”
Deputy Director, Central Bank of Nigeria (CBN), Mrs. Jane Aihevba in her keynote speech stated, “To build strong institutions, a sound compliance culture is crucial, and it must be applied from top to bottom to create an environment that fosters ethical conduct. Each employee must understand the importance of compliance and be bound by its principles. Your role as CCOs forms the backbone of an organization’s operations for efficient and effective execution.”