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Cashless policy’ll frustrate frauds – MD, UBN

Group Managing Director of Union Bank of Nigeria PLC, Mrs. Funke Osibodu has said cashless policy would bring both positive and negative effects on money laundering, financing terrorism and other forms of financial crimes, but stressed that the positive impact would far outweigh the negatives.

Speaking when the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN) visited her, she said the negative perception and threat to blacklist Nigeria in the global financial market, stemmed from non-adherence to anti-money laundering and countering financing terrorism laws.

“For the country to change the perception, the compliance function in different banks need to be enhanced and made more stringent even as they participate in the international AML/CFT programmes so as to appreciate the country’s stance against money laundering,” she said.

Osibodu canvassed for shared experience and robust discussions amongst all stakeholders that would help to tackle issues emerging from the new policy; pointing out the tremendous progress made in the electronic  banking products, mobile banking and prepaid cards.

While positing that the cashless policy has come to change the face and mode of operations in Nigeria and no one can claim to be an overall expert, Osibodu believed that sharing of experiences would go a long way in helping the citizens derive the benefits of policy.

The advent of the cashless economy, she argued, would frustrate some illegal activities used by money launderers and terrorists to generate revenue that is difficult to track in the financial system.

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