In a bid to curb illegal financial transactions and money laundering in Nigeria, the Economic and Financial Crimes Commission (EFCC), has instructed the point of sale (POS) operators and other mobile money transfer operators to keep records of their customer’s transactions as well as their identity and other details.
EFCC explained that obtaining records of people engaging in transactions with them and instructing people to put down their identity would prevent them from unforeseen trouble, also would reduce the rate of electronic transaction frauds witnessed across the country.
The anti-graft agency, meanwhile, warned the operators across the country against illegal cash transactions, either by cash withdrawal or transferring of money to third party.
Issuing the warning to the operators on Friday at a meeting with the Sokoto Chapter of Mobile Money and Banks Agents Association, (MMBA), the Commission’s Zonal head in Sokoto, Bawa Kaltungo, said that the agency would not hesitate to clamp down on violators.
Kaltungo expresses concern about the high rate of mobile money fraud in the zone and called on the association to join hands in the fight against money laundering and electronic transaction fraud.
“The EFCC is ready to deal with individuals, groups, and organizations that conspire with some bad eggs among us to perpetrate the act of illegal transactions and money laundering.
“Most POS doesn’t have the identity of those withdrawing or sending money from them. That is a contravention of the Money Laundering Act. We have to salvage this country but we can’t do that alone”, he added.
The chairman, meanwhile, encouraged members of the association to comply with all provisions of the Money Laundering Act.
However, the chairman of the Association Abubakar Atiku, while commending the sensitization meeting, assured that his members were law-abiding and ready to comply with all extant laws, regulating monetary transactions in Nigeria.