The Economic and Financial Crimes Commission, EFCC, has warned operators of Mobile Money and Banks Agents otherwise known as POS operators against illegal cash transactions.

The Commission’s Zonal Head in Sokoto CDS Bawa Usman Kaltungo gave the warning March 25, 2020 at a meeting with the Sokoto Chapter of Mobile Money and Banks Agents Association, (MMBA) Sokoto State Chapter in his office.

He express concern at the high rate of mobile money fraud in the zone, and called on the association to join hands in the fight against money laundering and electronic transaction fraud.

“The EFCC is ready to deal with individuals, groups and organizations that conspire with some bad eggs among us to perpetrate the act of illegal transactions and money laundering,” he said.

Kaltungo further advised POS operators in Sokoto to keep record of their transactions and identity of their customers, to curb illegal financial transaction and money laundering in Nigeria.

“Most POS don’t have identity of those withdrawing or sending money from them. That is contravention of the Money Laundering Act. We have to salvage this country but we can’t do that alone.” he said.

While encouraging members of the association to comply with all provisions of the Money Laundering Act, Kaltungo warned that the EFCC won’t hesitate to clamp down on violators.

However, the chairman of the Association Abubakar Atiku, while commending the sensitization meeting, assured that his members are law abiding and ready to comply with all extant laws, regulating monetary transactions in Nigeria.

Bvlgari:
very good...but a quick question...how would they know a fraudulent transaction? like how would they know a transaction they are about to carry out is fraudulent or should they just start profiling all their customers?

Bvlgari:
very good...but a quick question...how would they know a fraudulent transaction? like how would they know a transaction they are about to carry out is fraudulent or should they just start profiling all their customers?

Hugomexis:
One foolish POS guy almost scammed me of 300k last month but I let am know say agu anaghi eri agu

FalseProphet1:
I see confusion, I see innocent people being arrested, I see people avoiding using POS due to fear of being branded a criminal, I see long and frustrating queues on various ATM stands, I see people resorting to using "Kolo" and other traditional means so save and withdraw their money. This I have seen.

Bvlgari:
very good...but a quick question...how would they know a fraudulent transaction? like how would they know a transaction they are about to carry out is fraudulent or should they just start profiling all their customers?