EFCC warns car dealers against aiding money laundering, terrorist financing
Mr Ola Olukoyede, Chairman, Economic and Financial Crimes Commission (EFCC), has warned car dealers to be wary of those who launder proceeds of crime through purchases and vehicle dealerships.
Spokesperson for EFCC, Dele Oyewale, said this in a statement on Thursday in Abuja.
He explained that Olukoyede gave the charge at a one-day capacity-building and sensitisation workshop organised by the EFCC for members of the Association of Motor Dealers of Nigeria (AMDON) Osun Chapter in Osogbo.
The EFCC boss was represented by the Coordinator of the Special Control Unit Against Money Laundering (SCUML) at the Ibadan Zonal Directorate of the EFCC, ACE 11, Toyin Ehindero-Benson.
Speaking on the theme “The Importance of Know Your Customer (KYC) and Customer Due Diligence (CDD),” Olukoyede noted that the engagement was a critical step in combating money laundering and countering terrorist financing.
He also reiterated the need for business owners and professionals to desist from being used to launder illicit funds or finance terrorism.
Olukoyede noted that such illicit activities exacerbate insecurity and hamper the country’s economic progress.
“Prevent vehicles from being used to conceal illicit funds and ensure compliance with SCUML and EFCC regulations.
“Protect your dealership from legal and reputational risks, money laundering and terrorist financing, concealing the origins of illegally obtained money.
“KYC and CDD are essential tools for protecting your business and the nation. Every dealer has a role to play in stopping financial crimes. Compliance is not a burden; it’s a badge of integrity.
“Together, we can build a safer and more transparent business environment,” he said.
He said that the event was part of the EFCC’s efforts to strengthen collaboration with stakeholders and promote compliance with anti-money laundering and counter-terrorist financing regulations.
He urged participants to always verify their customers’ identities to ensure they are legitimate.
The EFCC boss disclosed that KYC was needed to prevent financial crimes, protect the integrity of businesses, and build trust with regulatory agencies.
He tasked AMDON members with obtaining and verifying their customers’ identification and personal details, and with tracking suspicious transactions.
He stressed that customer due diligence involves assessing and managing the risks associated with doing business with a customer.
The Chairman of the AMDON Osun State Chapter, Aliu Azeez, described the event as a significant milestone in a collective effort to strengthen transparency, compliance, and accountability in the automobile industry.
“As responsible stakeholders, we fully recognise the importance of aligning our operations with both national and international standards on anti-money laundering and counter terrorist financing.
“In recent years, SCUML has consistently engaged with Designated Non-Financial Businesses and Professionals DNFBPs to promote awareness and ensure compliance with existing regulations.
“This collaboration with AMDON is a clear demonstration of our shared commitment to integrity, due diligence, and ethical business practices,” he said.
He urged members of the organization to take such engagements seriously, noting that they offer opportunities to learn, adapt, and improve how they conduct their businesses.
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