Money laundering: NAICOM charges insurers to know customers

Having adequate knowledge about customers and reporting suspicious transactions to the National Insurance Commission (NAICOM), will aid the fight against money laundering and financial terrorism, the Commissioner for Insurance, Mr. Fola Daniel has said.

Daniel who has just been reappointed for another four year tenure as commissioner by President Goodluck Jonathan said this at the Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) Directors’ Awareness workshop organised by NAICOM in Lagos.

He noted that every institution has the obligation to know its customers in other to overcome the challenges of the perceived compliance deficiencies in the insurance sub-sector in particular, and the financial system in general noting that although these obligation sound straight forward, they have proved challenging to implement.

He said: “Money laundering is a serious crime that affects the economy as a whole, impeding the social, economic, political, and cultural development of societies worldwide.