From Sola Ojo, Abuja
The Economic and Financial Crimes Commission (EFCC) has urged practising accountants in Nigeria to comply with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) laws to promote a clean and transparent financial sector.
The call was made in Lagos on Wednesday, May 28, during a training organised by the Special Control Unit against Money Laundering (SCUML), a department of the EFCC, for the Advisory Team of KPMG Nigeria.
The training, held at KPMG Nigeria Headquarters in Lagos, provided participants with a comprehensive analysis of the Money Laundering (Prevention and Prohibition) Act, 2022, its implementing regulations, and key Financial Action Task Force (FATF) recommendations.
It also offered guidance on Customer Due Diligence (CDD) for high-risk clients, record-keeping protocols, and Suspicious Transaction Reporting (STR) duties tailored to advisory services.
In his remarks, SCUML Director and Deputy Commander of the EFCC, DCE Harry Erin, highlighted Nigeria’s roadmap for the upcoming FATF mutual evaluation process, emphasising the importance of meticulous documentation and audit preparedness.
He stressed that accountants play a critical role in ensuring financial integrity, stating, “Accountants, by virtue of their advisory role and transactional oversight, are high-risk gatekeepers under both domestic statutes and global standards. Your proactive engagement is critical to establishing a clean, transparent financial sector.”
Erin also reaffirmed SCUML’s ongoing partnership with the private sector, noting that “collaborative vigilance is essential for Nigeria’s financial integrity.”
Speaking on behalf of the KPMG Advisory Team, Olumide Olayinka, Partner and Head, Advisory KPMG Nigeria, expressed the team’s commitment to integrating robust AML/CFT controls into their client engagements.
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