The Benin Zonal Commander of the Economic and Financial Crimes Commission, EFCC, Assistant Commander of the EFCC, ACE Usman Muktar, has called on motor dealers in Benin-City, Edo State to register their businesses and regularly fulfil their reporting obligations to the Special Control Unit Against Money Laundering, SCUML.
He gave this charge in Benin-City, on Friday, September 16, 2022, while addressing executive members of the Association of Motor Dealers of Nigeria, AMDON, Edo State Branch. “Your business is identified as Designated Non-Financial Institutions and Businesses, DNFIBs, therefore, it is subject to monitoring, supervision, and regulation against money laundering and terrorism financing by SCUML (Special Control Unit Against Money Laundry), in accordance with the provisions of the Money Laundering (Prevention and prohibition) Act 2022”.
He urged them to ply their businesses in compliance with extant laws and regulations.
Head, SCUML, Benin Zonal Command, Boyi Ibrahim, urged the car dealers to carry out “Know Your Customers”, KYC, of their customers and exercise circumspection in their businesses to avoid being used for money laundering by fraudsters “It is important that you carry out KYC on your customers, that is the requirement of the law. Fraudsters, especially yahoo yahoo boys, may want to engage in money laundering through purchase of cars, that is why you should carry out KYC”, he said. Consequences for non-compliance, Ibrahim said, could be a fine, suspension of business activities or withdrawal of registration by the appropriate authority.
In his response, AMDON’s Acing Chairman, Isiramen Aisimiewe, commended the Commission for the enlightenment campaign and promised to disseminate the information to other members of his association.
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