The Executive Chairman of the Economic and Financial Crimes Commission EFCC, Mr Ola Olukoyede, has charged Opay to make compliance with existing regulations a watchword to ensure business integrity and block avenues for money laundering and fraudulent practices.
Olukoyede gave the charge, when the Chief Executive Officer of Opay, Mr Steven Wen, led other top managers of the financial institution on a courtesy visit to the EFCC headquarters.
The EFCC boss, who spoke through the Chief of Staff, CoS, to the Chairman, Commander of the EFCC, CE Michael Nzekwe stated that one of the mantras of Olukoyede was using the instrumentality of anti-corruption to stimulate growth in the economy.
He, therefore, charged the managers to adhere to existing laws in running their business.
EFCC Partners NUJ Correspondents in Kano to Tackle Economic Crimes
“Work on Know Your Customers, KYC, don’t give room for fraud, don’t allow your company to be used for money laundering and comply with every law of the land”.
While further emphasising the need for compliance, he commended Opay for considering local content in its employment policy.
“Your ninety-nine per cent local employees are very good, we must commend you for that, but then again, it is also important to reiterate the need for compliance with local laws.
“It is very important because you have to ensure that it is not just by word of mouth but more by action that you comply with the local laws”
Also speaking on the need for compliance, Director, Investigation, Commander of the EFCC, Abdulkarim Chukkol, reiterated the need for systems integrity, adding that Opay must ensure it safeguards itself against insider abuse in the company.
“Systems integrity is also very important to look at, secondly the KYC, it is not enough for us to say let us just follow only what the CBN has given us, but again, you have to go the extra mile”
“I also want to give advice on the people that you employ, sometimes insider abuse is very rampant, no matter how tight your system is, when you bring in somebody that can do and undo, then definitely everybody is at risk”.
Earlier in his presentation, Wen disclosed that compliance with regulations, customer satisfaction and revenue generation are priorities his company considered very important.
“The most important thing in our company is compliance with local laws, compliance with local regulations, second is customer certification, how we use innovative solutions to solve our customer problems to provide them value.
EFCC Arraigns Company Manager for Alleged Money Laundering
“Then, number three is how to grow our revenue. We believe that compliance with the law is a red line we cannot cross”.