A few weeks ago, a little birdie hinted that the MD/CEO of Pagatech, Tayo Oviosu was whisked away by the Economic and Financial Crimes Commission (EFCC). This led to a wide spread rumour that the payment solutions’ boss was allegedly involved in money laundering activities.
However, after reaching out to Paga, the company’s Communication Manager, Oseyiomo Etomi confirmed that Tayo was indeed present at the agency’s Abuja office along with other heads of financial institutions, he was BRIEFED on the seriousness of the new KYC (Know Your Customer) policies and the consequences that come with non-compliance.
In his words;
I want to let you know that Tayo was indeed present at the EFCC office in Abuja a few weeks ago but he was amongst other heads of financial institutions to be briefed on the seriousness of new KYC policies that have been implemented and to be made aware of the seriousness with which the EFCC will be cracking down on non-compliance with the stringent rules for KYC upgrades. He was back at the office before lunch.
The new KYC policy requires all payment service banks like Paga to comply with relevant provisions of the Money Laundering (Prohibition) Act 2011 (as amended), Terrorism Prevention Act 2011 (as amended), CBN AML/CFT Regulations for Banks and Other Financial Institutions 2013, other extant laws and regulations on KYC issued by the CBN.