The Sensitization Workshop on the role of DNFBPs in the AML/CFT Regime of Nigeria organized by the EFCC was aimed at organizing and sensitizing the Designated Non-Financial Businesses and Professions (DNFBPs) on measures to take in countering money laundering and terrorism financing in Nigeria. The 2-day event enlightened members from the various DNFBPs such as accountants, auditors, lawyers, hotel owners, compliance officers, car dealers, real estate agents, Precious Stones dealers NGOs, etc.
The keynote address of the event was by the Director of SCUML, Daniel Isie, he pointed out the important role DNFBPs play in helping the EFCC fight against money laundering and terrorism financing by identifying and flaging suspicious financial transactions. He appreciated the attendees and encouraged them to see themselves as partners with the EFCC.
Mrs. Ibinabo Mary Amachree, the Head, Information and Data Management with the Special Control Unit against Money Laundering (SCUML) in her presentation, the Overview of Nigeria/s performance in mutual evaluation exercise, she highlighted that function of the Financial Action Taskforce (FAT) of setting standards in countering money laundering and financial terrorism in the world. The West African body of FATF, Inter-governmental body against money laundering (GIABA) which is saddled with the responsibility of ensuring laws and policies are enacted in West African countries to counter money laundering. In so doing has given 40 recommendations to be implemented in West African countries, which includes Nigeria. In order to prevent money laundering and terrorism financing, DNFBPs are been adviced to conduct a risk assessment in course of carrying business transactions with clients and customers. The risk assessment involves Know Your Customers (KYC) process, assessing the location and geography, assessing the product and service and delivery channel in which transaction is been made.
Mr. Sunji Audu, the Zonal Coordinator, Special Control Unit Money Laundry (SCUML) in Economic and Financial Crimes Commission (EFCC) in his presentation, role and powers of SCUML in the implementation of the AML/CFT measures in the DNFBP sector, he pointed out the role of SCUML which include registration of businesses and entities, and sensitization of business owners and organization heads upon issuance of SCUML certificates. The sensitization include knowing the roles of DNFBPs, reporting to SCUML and penalties under the law in the Money Laundering Prevention and Prohibition Act 2022 and the Terrorism Prevention and Prohibition Act 2022 for aiding money laundering and terrorism financing in Nigeria. The powers of SCUML include issuance of administrative fine to businesses and organizations, demanding for information and documents, placing arrests upon obstruction of SCUML officials, etc. Mr. Sunji Audu also highlighted the new provisions in the Money Laundering Prevention and Prohibition Act 2022 and the Terrorism Prevention and Prohibition Act 2022 which can also be found on the SCUML website, www.scuml.org.
Day 2 of the workshop, Mrs. Ibinabo Mary Amachree made a presentation on Identification and Reporting of Suspicious Transaction Reports (STR). suspicious business transactions can be identified by some of the following ways: business transaction is inconsistent with client’s apparent financial standing, inconsistency in presentation of transaction, fake information, frequent cash transactions, ability to buy real estate with cash payment, etc. STR reports are made by stating the name and address of the company/organization, phone number of compliance officer, date of report and transaction, method of transactions, amount and reasons for suspicion, actions and preliminary findings done by business owners. STR reports should be sent to the Nigerian Financial Intelligence Unit (NFIU) via email: dnfbp@nfiu.gov.ng. Mrs. Ibinabo also pointed out the 24hours time limit for reporting of STR and penalties for failure of reporting of STRs.
The last session of workshop handled by Mr. Joshua Manza was on SCUML reporting for DNFBPs and NPOs/NGOs. SCUML Reports can be sent using the reporting templates designed by SCUML and the templates can be downloaded on the SCUML website, www.scuml.org. The reports for DNFBPs should be done on a monthly basis and that of NGOs can be sent quarterly, and these reports should be sent as attachment to info@scuml.org, copying ph@scuml.org.
Other highlights of the event were the presentation of certificates to attendees from the various DNFBPs sectors and group photographs with attendees and officials from the EFCC.