Nigeria Urged to Regulate Crypto to Combat Financial Crimes

Adedeji Owonibi, co-founder of Nigerian blockchain intelligence service provider A&D Forensics, advocates for government regulation of cryptocurrency to combat financial crimes like money laundering. 

He highlighted during a training session for cryptocurrency compliance experts by a blockchain and digital forensics firm that the absence of regulations in Nigeria’s crypto sector allows unmonitored practices to flourish.

Exciting update from Champion News on 3CS Training! A&D Forensics just wrapped up training a new batch of Cryptocurrency Compliance Specialists.Read insights from our facilitators and participants here!#CryptoComplianceTraining #NigerianTrainings

— A&D Forensics (@ForensicsD) February 10, 2024

Despite the Central Bank of Nigeria (CBN) recently lifting the ban on crypto transactions, allowing banks to establish accounts for virtual assets service providers (VASPs), Owonibi highlighted the importance of compliance specialist training. This training is geared towards ensuring that banks strictly comply with applicable laws when engaging with VASPs. 

In an interview, Owonibi stressed the necessity for Nigerian financial institutions to enlist the expertise of compliance specialists. Their role is vital in verifying that all funds flowing through their exchanges are not utilized for illicit purposes.

Although acknowledging the Nigerian government’s efforts in training some law enforcement officers as compliance experts, Owonibi highlighted the necessity for broader training across all security agencies to effectively combat financial crimes.

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2024-02-12 16:04