Bankers Seek End to Money Laundering, Identity Theft

The Lagos State Chapter of the Chartered Institute of Bankers of Nigeria (CIBN) has expressed concern over incidence of money laundering, terrorism financing and identity theft in the country.

The body also stressed the need for more initiatives to address such fraudulent activities in the banking system, even as it expressed delight over the recent launch of biometrics. According to the Lagos CIBN, biometrics would help to track down fraudsters in the system.

Speaking ahead of its forthcoming conference on anti-money laundering, terrorist financing and identity theft management to hold in Lagos between March 24th and 25th, the First Vice-Chairperson, CIBN, Lagos Branch, Mrs. Taiwo Ige, said the impact of the such fraudulent activities on individuals, the nation and organisations were enormous.

According to her, the conference would expose lawyers, bankers and operators in other sectors to modalities on how to tackle money laundering and identity theft in order to encourage investment in the country and protect depositors.

She explained: “The problems of fraud perpetrated through identity theft and money laundering are increasing at an unprecedented rate. Government world wide are introducing new legislations and penalties to curb these white collar crimes.
 

“Regrettably, the battle seems far from being won. It is therefore, crucial that CIBN members and others, whether in practice or in business, are fully aware at this trend and are alert to the signs of money laundering with its attendant consequences on businesses, the national economy and the image of the country.”

According to her, there have been lots of reports on the compromise of personal identity number (PIN) of bank customers, especially by those that use Automated Teller Machines.

The Deputy Chairman, CIBN Publicity Sub-Committee, Lagos Branch, Mr. Jide Iyanda, said the programme was part of the institution’s contribution to the solution of identity fraud in the country, saying it will also help to improve the country’s ratings in the global community.

Also, the First Assistant Secretary, CIBN, Lagos State Branch, Mr. Adeyemo Adeoye, noted that the programme would also sensitise operators in other sectors of the economy.

Source:  www.thisdaylive.com