Money Laundering: Financial sector players must enhance gatekeeping role – CCCA

Players in the financial sector have been asked to improve their role as gatekeepers to safeguard assets.

Theophilus Kwadjo Odjer-Bio, Executive Director of the Chartered Compliance and Cyber Analyst (CCCA) Institute, asserted that playing the gatekeeper in the anti-laundering ecosystem would aid in identifying and thwarting fraudsters and cybercriminals who preyed on the defenseless.

Mr. Odjer-Bio was presenting at the University of Ghana Business School’s graduation and ongoing growth program in Legon.

He said online fraud had become common because of the COVID-19 pandemic as companies and individuals had moved more of their activities online, thus, the need to protect customers.

Much of those crimes affected individuals and small businesses that were less able to protect themselves with victims mostly being unemployed, he said.

Mr Odjer-Bio said apart from the fraud and cyber attacks affecting individuals and businesses, they affected the confidence level in the financial systems.

“It must be a priority to show that financial institutions with which the public entrusts its savings and the regulators who supervise them do care about these threats and address them proactively to reduce and prevent serious harm,” he said.

Mrs Deborah Okwan-Duodu, a lawyer, advised internet users to carefully read the terms and conditions about every application (App) before installation to avoid being stalked.She urged users to report cyber attacks on the Cyber Security Authority portal within 24 hours.

She said keeping and publishing of indecent images of people was a crime and that one could be prosecuted.

Mrs OKwan-Duodu said a fine in cybercrime was as bad as incarceration, which could mar one’s record and must be avoided.

Mr Seth Nana Amoako, Head of Compliance Unit of the Financial Intelligence Centre and Chairman for the occasion, encouraged the graduands to make themselves relevant with the knowledge acquired.

They were awarded certificates of participation.

Source: Independent Ghana