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Cybercrime: EFCC Charges POS Operators on Due Diligence

Admin 15-Sep-2021 Technology

Cybercrime: EFCC Charges POS Operators on Due Diligence


The Maiduguri Zonal Commander of the Economic and Financial Crimes Commission, EFCC, Onwukwe C. Obiora, on Tuesday, September 14, 2021 charged the Point of Sale (POS) operators to carry out proper documentation of their clients before transactions are made as means of checking money laundering in the Northeast and Nigeria at large.

Onwukwe C. Obiora gave the charge when he received members of Association of Mobile Money Operators of Nigeria (AMMON), Borno State Chapter who paid a courtesy visit.

He stated that, ‘‘the number of reported cases regarding fraudsters using the POS medium to launder money and to swindle unsuspecting individuals of their monies is appalling. Therefore, POS operators as stakeholders in the fight against money laundering must ensure they carry out due diligence and adhere strictly to the regulations provided by law.

‘‘There is need for you to obey the ‘Know Your Customer’ policy in every financial transaction you make as required by law. This obligation is enshrined in Section 3 of the Money Laundering (Prohibited) Act 2011 (as amended) and if violated, you are liable to not less than three years imprisonment or a fine of N10million or both, in case of individual and N25million in the case of a body corporate.’’ 

The Zonal Commander stressed the need for the association to sensitize its members on the laws guiding their activities as ‘‘ignorance is not acceptable in law.’’

The Zonal Coordinator of AMMON, Hassan Goni Keme lauded Maiduguri Command of the Commission for its efforts to sensitize the association through continuous engagements which are yielding positive results.

He informed the Zonal Commander that as part of efforts to sensitize POS operators in the Northeast, the association is coming up with a campaign tagged ‘Operation Clean UP’’ which will ensure compliance to regulations and enhance reportage of fraudulent activities to regulators.

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