EFCC warns POS operators against aiding fraudsters
The EFCC has warned Point of Sale operators against aiding fraudsters, citing their increasing involvement in money laundering and terrorist financing. Read More: https://punchng.com/efcc-warns-pos-operators-against-aiding-fraudsters/
The Economic and Financial Crimes Commission (EFCC) has cautioned Point of Sale (POS) operators in Nigeria to refrain from assisting fraudsters and money launderers. In a statement on its X handle, EFCC Chairman Ola Olukoyede warned POS operators of their involvement in money laundering, terrorist financing, and ransom payments.
Olukoyede urged the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) to establish a robust framework for monitoring its members and maintain comprehensive records of all operators. He questioned the association's oversight, training, and record-keeping practices, highlighting that some POS operators are allegedly involved in fraudulent activities themselves.
The EFCC emphasized the importance of proper financial records for every transaction and accurate records of POS operators nationwide. AMMBAN National President Oti Obioha thanked the EFCC for the delegation visit and expressed willingness to collaborate with the Commission on training, awareness creation, and information sharing.
He noted that POS operators are at the grassroots level and can play a crucial role in preventing financial crimes.
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