The Special Control Unit Against Money Laundering (SCUML) of the Gombe Zonal Command of the Economic and Financial Crimes Commission, EFCC, has tasked car dealers in Gombe to take issues of due diligence seriously as this could save them from avoidable consequences of regulatory breaches.
The charge was given Tuesday February 1, 2022, by the Zonal Coordinator of SCUML in the Command, Junaidu Shehu while speaking on a one-day sensitisation lecture organised for Association of Motor Dealers, Gombe Branch at their corporate office along Dukku Road, Gombe.
TheFact Nigeria notes that Shehu pointed out the implication of conducting business with people they do not know, saying that it was risky both to the State and for business.
“You cannot operate such capital intensive and risky business without ensuring proper due diligence and strict compliance with the Know-Your-Customer protocols”, Shehu said, citing greed and ignorance as reasons the car dealers conducted business with individuals who are unknown to them.
To the car dealers, Junaidu explained in detail the Money Laundering Act, 2011 (as amended), especially as it relates to accepting cash payment above the threshold to the tune of N5 million for individuals and N10 million for corporate bodies.
While fielding questions from the participants, the SCUML coordinator further reiterated the importance of reporting their activities to both SCUML and the Nigeria Financial Intelligence Unit (NFIU) according to extant laws.
The chairman of the Association, Alhaji A.A. Sadiq, commended SCUML for its consistency in sensitizing his members and assured of their willingness to comply with existing regulations.
