Mr Ola Olukoyede, Chairman, Economic and Financial Crimes Commission (EFCC), has warned car dealers to be wary of those who launder proceeds of crime through purchases and vehicle dealerships.
Spokesperson for EFCC, Dele Oyewale, said this in a statement on Thursday in Abuja
He explained that Olukoyede gave the charge at a one-day capacity building and sensitisation workshop, organised by the EFCC for members of the Association of Motor Dealers of Nigeria (AMDON) Osun Chapter in Osogbo.
The EFCC boss was represented by the Coordinator of Special Control Unit Against Money Laundering (SCUML), Ibadan Zonal Directorate of EFCC, ACE 11, Toyin Ehindero- Benson.
Speaking on the theme: “The Importance of Know Your Customer (KYC) and Customer Due Diligence (CDD),” Olukoyede, noted that the engagement was a critical step against money laundering and countering terrorist financing.
He also reiterated the need for business owners and professionals to desist from being used to launder illicit funds and terrorist financing.
Olukoyede noted that such illicit activities enhance insecurity and hamper economic progress of the country.
“Prevent vehicles from being used to conceal illicit funds and ensure compliance with SCUML and EFCC regulations.
“Protect your dealership from legal and reputational risks, money laundering and terrorist financing, concealing the origins of illegally obtained money.
“KYC and CDD are essential tools for protecting your business and the nation. Every dealer has a role to play in stopping financial crimes. Compliance is not a burden; it’s a badge of integrity.
“Together, we can build a safer and more transparent business environment,” he said.
He said that the event was part of the EFCC’s efforts to strengthen collaboration with stakeholders and promote compliance with anti-money laundering and counter-terrorist financing regulations
He urged the participants to always verify the identity of their customers to ensure they are legitimate.
The EFCC boss disclosed that the need for KYC was to prevent financial crimes, protect the integrity of the businesses, and build trust with regulatory agencies.
He tasked AMDON members to obtain and verify their customer’s identification and personal details and track suspicious transactions.
He stressed that customer due diligence involves assessing and managing the risks associated with doing business with a customer.
The Chairman, AMDON Osun State Chapter, Aliu Azeez, described the event as a significant milestone in a collective effort to strengthen transparency, compliance, and accountability in the automobile industry.
“As responsible stakeholders, we fully recognise the importance of aligning our operations with both national and international standards on anti-money laundering and counter terrorist financing.
“In recent years, SCUML has consistently engaged with Designated Non-Financial Businesses and Professionals DNFBPs to promote awareness and ensure compliance with existing regulations.
“This collaboration with AMDON is a clear demonstration of our shared commitment to integrity, due diligence, and ethical business practices,” he said.
He urged members of the organization to take such engagements seriously, noting that they provide opportunities to learn, adapt, and enhance the way they conduct their businesses.(NAN)