The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has cautioned car dealers against aiding money laundering or terrorist financing through vehicle transactions.
This was contained in a statement issued on Thursday in Abuja by the EFCC spokesperson, Dele Oyewale.
Olukoyede delivered the warning at a one-day capacity-building and sensitisation workshop for members of the Association of Motor Dealers of Nigeria (AMDON), Osun Chapter, held in Osogbo.
He was represented by the Coordinator of the Special Control Unit Against Money Laundering (SCUML) at the EFCC’s Ibadan Zonal Directorate, ACE II Toyin Ehindero-Benson.
Speaking on the theme “The Importance of Know Your Customer (KYC) and Customer Due Diligence (CDD),” Olukoyede described the engagement as a vital initiative in curbing money laundering and terrorist financing.
He further emphasised the need for professionals and business owners to avoid becoming channels for laundering illicit funds or supporting terrorism, noting that such activities worsen insecurity and hinder economic growth.
“Prevent vehicles from being used to conceal illicit funds and ensure compliance with SCUML and EFCC regulations.
“Protect your dealership from legal and reputational risks, money laundering and terrorist financing, concealing the origins of illegally obtained money.
“KYC and CDD are essential tools for protecting your business and the nation. Every dealer has a role to play in stopping financial crimes. Compliance is not a burden; it’s a badge of integrity.
“Together, we can build a safer and more transparent business environment,” he said.
EFCC pushes for compliance in automobile sector
Olukoyede stated that the workshop formed part of the EFCC’s broader efforts to strengthen collaboration with stakeholders and enforce compliance with anti-money laundering and counter-terrorism financing laws.
He advised participants to always confirm the identities of their customers to ensure the legitimacy of their transactions.
The EFCC boss added that KYC practices are key to preventing financial crimes, safeguarding business credibility, and fostering regulatory trust.
He also urged AMDON members to collect and verify their customers’ identification details while keeping track of any suspicious financial dealings.
According to him, proper customer due diligence means understanding and managing the risks tied to each client or transaction.
The Chairman of AMDON Osun State Chapter, Aliu Azeez, described the event as a milestone in promoting transparency, compliance, and accountability in the automobile trade.
“As responsible stakeholders, we fully recognise the importance of aligning our operations with both national and international standards on anti-money laundering and counter terrorist financing.
“In recent years, SCUML has consistently engaged with Designated Non-Financial Businesses and Professionals DNFBPs to promote awareness and ensure compliance with existing regulations.
“This collaboration with AMDON is a clear demonstration of our shared commitment to integrity, due diligence, and ethical business practices,” he said.
Azeez urged members to take such engagements seriously, stressing that they provide opportunities to learn, adapt, and strengthen their operational practices.
