The Economic and Financial Crimes Commission (EFCC) has cautioned the Nigerian casino and gaming market to comply with anti-money laundering and counter terrorism financing rules amid the country’s ongoing compliance failings.
Speaking at a due diligence workshop in Lagos on 13 June, Michael Wetkas, acting Lagos zonal director at the EFCC, stressed that, while he recognised the gambling industry’s substantial contributions to Nigeria’s economic development, the sector must ensure its operations align with the law.
“Our goal is to support Nigeria’s efforts to exit the Financial Action Task Force (FATF) list. A key area of focus is enhancing ‘Know Your Customer’ practices, which will help prevent politically exposed persons from using your platforms for money laundering and embezzlement.”
