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A&D forensics trains new batch of Cryptocurrency Compliance Specialists

...Regulating crypto activities will curb money laundering - Owonibi

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CHIGOZIE IKPO, Abuja

 

A Blockchain & Digital Forensic firm, A&D Forensics, on Friday completed training of a new batch of Cryptocurrency Compliance Specialists, in Abuja.

 

The training which is the 5th Edition is to educate participants on blockchain technology, cryptocurrency compliance, tools, laws and its application.

 

Speaking on the significance of the training, a facilitator, Chioma Onyekelu, a Certified Cryptocurrency Investigator, blockchain forensic specialist said the training is important as it covers various aspects of Cryptocurrency including knowledge of financial crimes done using cryptocurrency and how to combat them.

 

She said, “We took them through different modules, the introductory aspect, training on how to track dubious cryptocurrency transactions, Cryptocurrency Compliance laws and regulations in various jurisdictions.

 

“They have now been presented with certificates as Certified Cryptocurrency Compliance Specialists and can work anywhere in the world.” She said

 

Also Speaking, Adedeji Owonibi, Co-founder and major partner, of A&D Forensics, said Compliance laws are meant to stop bad actors as they act as a check, to ensure that financial institutions such as banks are not used as a gateway to launder monies and perpetrate other criminal activities.

 

Owonibi said the Compliance Specialist training will ensure that banks are complying with the adequate laws in their dealings with virtual assets service providers (VAP).

 

He stressed the need to regulate cryptocurrency activities, so as to reduce the rate of finance crimes in the country.

 

He said, “If you operate a cryptocurrency exchange, you want to know if you are a financial institution like the banks recently allowed to interact and open accounts for virtual assets service providers.

 

“There is a need for Financial Institutions such as banks to make sure that the VAPs they are opening accounts for are compliant exchanges, and not gateways for people trying to launder money, sell drugs, or finance terrorism across the world.

 

“If a platform allows this to happen, the Central Bank says they are culpable as an accomplice, so it is critical that these financial institutions try to ensure that all monies that pass through their exchange are not funds used for criminal activities and one way to ensure this is to engage the services of a compliance officer who will make use of the requisite tools to flag them immediately.

 

“Most countries are now putting in efforts to ensure that they are not a gateway for sanction aviation, hacking, by having adequate compliance practices within their country and Nigeria should intensify her efforts in this regard.

 

“Nigeria should completely regulate Cryptocurrency activities within the country, set out laws to that effect because if there is no law, there is no offense and more training should be done.

 

“We have had Law Enforcement agents, participate in our trainings, we have the cryptocurrency investigators course, where we had police officers and officers of the Economic and Financial Crimes Commission (EFCC) come and get trained and we are currently working with Nigerian Financial Intelligence Unit, but we as as a country needs to do more of these trainings to ensure that financial crimes do not continue to thrive in our country,” he said.

 

One of the participants Susan Omeruo, a data analyst, said the training and certification give her an added advantage in her line of work, as she looks forward to building a career in crypto compliance.

 

“It has really been a beneficial one, so far, I have gained a lot of knowledge and after this, I could build a career part in compliance or become a crypto compliance officer in a big exchange, as every service provider handling crypto assets needs a compliance officer, so this training gives me an advantage.

 

Another participant, Senator Ihenyen, a legal pratictioner, said the knowledge of Cryptocurrency compliance laws will help him offer his services to clients in the virtual assets space.

 

He said, “This is a special training for me, as one who has a background in law, in the course of my work with clients, especially in the virtual assets sector, we come across issues relating to policies and regulations that require us to comply as much as possible with certain procedures, so as a lawyer in a law firm services or advices players in space, both in the visuals and entities, a course such as this is vital.

 

“We have been taken through policies and regulations that apply to virtual assets such as Bitcoin, Ethereum, etc, as also compliance tools which I can leverage on, to be able to assist some of my clients who are in the virtual assets space.

 

For a better society

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