EFCC tells POS operators to do due diligence of customers before transactions

EFCC says carrying out due diligence on clients will help to check money laundering.

EFCC warns that POS transactions are being used to commit fraud [Nairametrics]

The Economic and Financial Crimes Commission (EFCC) has appealed to Point of Sale (POS) operators to help in the fight against corruption in Nigeria.

The Zonal Commander of the agency's Maiduguri office, Onwukwe Obiora, told operators during a meeting on Tuesday, September 14, 2021 to always carry out proper documentation of their clients before transactions are made.

He noted that there's an alarming number of reported cases regarding fraudsters using POS transactions to clean their money, or defraud others.

The official said carrying out due diligence on clients will help to check money laundering in the north east region, and Nigeria in general.

"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," he said.

Obiora cautioned that ignorance of the law is not acceptable and that operators who validate transactions that turn out to be fraudulent will be punished.


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