Collaboration, knowledge sharing and enlightenment will help banks to checkmate fraudulent activities in the banking sector.

The Chief Executive Officer, First Bank Group, Dr Adesola Adeduntan, disclosed this Thursday during the meeting of the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN).

Adeduntan, who was represented by Executive Director, Retail Banking South, Oluseyi Oyefeso, said the thematic focus of the meeting: "Institutionalising Customer Due Diligence/Know Your Customer (KYC) in the Financial Services Sector" was highly decisive in ensuring a healthy landscape for financial services providers in Nigeria.

He noted that in an era marked by progressive technological advancement and an increasingly interconnected global economy, it was imperative for professionals from the regulatory and operational organisations to come together to adopt robust and effective measures to combat money laundering, terrorism and proliferation financing, fraud, and other illicit activities.

"When the campaign for Compliance and Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) started years back, many people saw it as an alien concept. But over the years, we have all come to see that it is a must-win war for the sustainability of our businesses and indeed, continuous survival of humans. Little wonder 'Countering Proliferation Financing (PF)' has now been added to the global onslaught against financial crimes," he said.

He, however, counselled that beyond penalties by the regulatory agencies, collaboration and knowledge-sharing will help in the fight against illicit practices.

He also called on the Central Bank of Nigeria, CBN, and other regulators to do more in checkmating illicit practices facilitated through Fintechs.