These laws mandate financial institutions to verify customer identities and monitor transactions for suspicious activity.
Lawal said, “The extractive industry is particularly vulnerable to fraud and corruption, with schemes spanning different segments, including upstream, midstream, and downstream. This can result in significant revenue loss for the government and individuals.
“Know Your Customer (KYC) compliance is critical in preventing fraud and corruption. Companies must conduct thorough due diligence on their customers and suppliers to prevent illicit activities such as money laundering and terrorism financing.”
Lawal emphasised the importance of KYC compliance in preventing fraud and corruption, noting that the lack of due diligence on customers and suppliers can lead to illicit activities such as money laundering and terrorism financing.
The EFCC urged companies in the industry, to obtain necessary permits and licences, and to conduct thorough due diligence on their customers and suppliers.
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