By Peter Egwuatu

FIRST City Monument Bank, FCMB, has called for effective regulations and synergy among stakeholders in the financial sector to combat the increasing wave of financial and other related crimes in the banking sector.

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Managing Director of FCMB, Mr. Adam Nuru, made this call at the 44th quarterly meeting of the Association of Chief Audit Executives of Banks in Nigeria, ACAEBIN, hosted by FCMB in Lagos.

He also called for vigilance and concerted efforts among stakeholders in the banking industry towards combating financial, cyber and other-related crimes.

Nuru said financial crimes, particularly money laundering and terrorism financing, are increasingly becoming pervasive in the society, and, therefore, requires combined effort and effective regulation to decisively deal with them.

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Speaking on the theme, “The Role of Internal Audit in Combating the Financing of Terrorism and Enhancing CBN Anti money Laundering Administrative Sanctions Regime”, Nuru stated that though stakeholders have continually reviewed strategies and initiated policies towards combating money laundering and terrorism financing worldwide, there was more to be done particularly in the areas of corporate governance, due diligence, risk and compliance, to checkmate the menace.

Vanguard