NFIU Warns Insurance Firms against Financial Crimes

Comm Fola Daniel

Insurance companies in the country have been warned to always ensure that they submit Suspicious Transaction Reports (STRs) to the unit for investigation.

The Director of the Nigeria Financial Intelligence Unit (NFIU), Mrs. Juliet Ibekaku, spoke at a sensitisation programme on anti-money laundering and combat financing of terrorism control measures organised by the National Insurance Commission (NAICOM) for insurance companies in Lagos.

Mrs. Ibekaku said any insurance company that fails to report or “tip-off” a potential suspect, is contravening Sections 12, 15, 16 and 18 of the Money Laundering and Prohibition Act 2011.

She also warned that failure to comply with these provisions would amount to exposing the institution to legal risks, adding that the consequences of such an action may not be palatable.



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