By BABAJIDE KOMOLAFE
From: Vangurd Newspapers
COMMITTEE of Chief Compliance Officers of Banks in Nigeria (CCCOBIN) has been advised to adhere to International Standards as they grapple with new challenges of a cashless economy, anti-money laundering and countering financing terrorism in order to change the negative perception of Nigeria in the global financial market.
The Group Managing Director /Chief Executive of Union Bank of Nigeria PLC, Mrs. Funke Osibodu, made this call in Lagos while addressing members of the Committee at a general meeting hosted by the bank.
Osibodu said that the negative perception and threat to blacklist Nigeria in the global financial market stemmed from non-adherence to anti-money laundering and countering financing terrorism laws; and for the country to change the perception, the compliance function in different banks need to be enhanced and made more stringent even as they participate in the international AML/CFT programmes so as to appreciate the country's stance against money laundering.
On the cashless policy, Osibodu canvassed for shared experience and robust discussions amongst all stakeholders would help to tackle issues emerging from the new policy; pointing out the tremendous progress made in the electronic banking products, mobile banking and prepaid cards.
The Group Managing Director /Chief Executive of Union Bank of Nigeria PLC, Mrs. Funke Osibodu, made this call in Lagos while addressing members of the Committee at a general meeting hosted by the bank.
Osibodu said that the negative perception and threat to blacklist Nigeria in the global financial market stemmed from non-adherence to anti-money laundering and countering financing terrorism laws; and for the country to change the perception, the compliance function in different banks need to be enhanced and made more stringent even as they participate in the international AML/CFT programmes so as to appreciate the country's stance against money laundering.
On the cashless policy, Osibodu canvassed for shared experience and robust discussions amongst all stakeholders would help to tackle issues emerging from the new policy; pointing out the tremendous progress made in the electronic banking products, mobile banking and prepaid cards.
Read it all here http://www.vanguardngr.com/2012/02/osibodu-tasks-compliance-officers-on-intl-standards/
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