BY NKECHI NAECHE-ESEZOBOR—The Economic and Financial Crimes Commission (EFCC), through its Special Control Unit against Money Laundering (SCUML), at the weekend conducted an Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) compliance training for the board and management of Still Earth Holdings.
The training focused on strengthening corporate governance, regulatory compliance, and risk management across the company and its subsidiaries.
Speaking during the session, Ibinabo Mary Amachree,Head, SCUML, Lagos, highlighted the importance of compliance at board level, emphasizing directors’ personal and corporate liabilities under the Money Laundering (Prevention and Prohibition) Act (MLPPA) 2022 and the Terrorism Financing Prevention and Prohibition Act (TFPPA) 2022.
She also spoke on critical areas including board responsibilities in AML/CFT compliance, fundamentals of money laundering, terrorism financing risks, legal and regulatory frameworks, preventive compliance measures, and governance oversight duties.
Participants were also educated on Know Your Customer (KYC) procedures, customer due diligence (CDD), suspicious transaction reporting, targeted financial sanctions screening, record keeping, and independent audit requirements.
Interactive case-study sessions exposed participants to sector-specific risks across subsidiaries of the group, including Tirex Petroleum & Energy, Still Earth Construction, and Still Earth Capital Finance. Discussions focused on issues such as over-invoicing, shell companies, offshore payments, contract splitting, structuring, fake guest records, politically exposed persons (PEPs), and rapid movement of funds.
Commenting on the training, Kingsley Inyama, Head, Credit Risk described the programme as timely and essential in helping participants understand the dynamics of anti-money laundering and terrorism financing compliance.
According to him, financial institutions and businesses must go beyond merely monitoring inflows into accounts and pay closer attention to the source and legitimacy of funds.
He said: “The essence of the training is to understand when anti-money laundering violations or terrorism financing may be taking place. In business, especially in the international sector, it is important to know the source of funds and how money moves through the financial system.
“Everybody wants to see money coming into accounts, but the critical question is: where is the money coming from? If someone claims to be selling vehicles or household items, does the volume of funds correspond with the business activity?
“This training is important because learning in compliance is continuous. Every time you undergo training like this, new issues emerge, new questions arise, and you gain a better understanding that helps you perform your job more effectively.”
Kingsley further noted that one of his major takeaways from the programme was the importance of identifying both legal and beneficial owners in business transactions.
“For the kind of work I do, we deal with transactions involving corporate entities and individuals. The training has helped me understand that whenever you see a legal owner, it is important to probe further to identify the beneficial owner and ensure proper due diligence.
“The penalties for failing to carry out due diligence can include fines, sanctions, and even imprisonment. That is why compliance is extremely important,” he added.
The training ended with discussions on proposed board resolutions, including the adoption of a zero-tolerance policy on money laundering and terrorism financing, establishment of compliance committees, annual training mandates, and approval for independent audits.
The annual compliance programme was attended by staff and management of Still Earth Holdings’ and her subsidiaries ( Still Earth Capital Finance, Tirex Petroleum & Energy, and Still Earth Construction.)
