EFCC warns banks, compliance officers against sharp practices

Bribe, BDC operators, Naira notes, Internet fraud, Bawa, BDC operators, EFCC

The Economic and Financial Crimes Commission (EFCC) has warned banks and compliance officers to be diligent and avoid being complicit in financial practices.

The EFCC gave the warning during a meeting held with banks’ compliance officers from Kwara and Kogi states in Ilorin on Friday, May 12.

The Zonal Commander of the Ilorin Zonal Command of EFCC, Michael Nzekwe, identified the role of bank compliance officers as key to the fight against economic and financial crimes.

Nzekwe, who stated that is no major fraud, especially money laundering committed without the connivance of bank officials, said the meeting was aimed at building stronger relationship between the staff of banks and the commission in the fight against corruption.

He said: “We invited you here today to nourish our existing relationship, educate ourselves on the new trends in cybercrime and seek areas of further collaboration as stakeholders in the fight against economic and financial crimes in Nigeria.

“On the issue of ‘Know Your Customer (KYC)’ and ‘Know Your Customer’s Business (KYCB)’, we advise that as bankers, you carry out due diligence and know your customers.

“By doing this, you save yourselves from trouble and make our job easier and it would help to keep fraudulent customers on the radar.

“There is no major fraud especially money laundering that is ever committed without the connivance of bank officials.”

Nzekwe charged the bank officials on adhering strictly to bank rules, regulations, and be diligent in the discharge of their duties.

The zonal commander also reiterated the need for bankers and EFCC operatives to be in synergy as new trends in cybercrimes continue to unfold, urging the bankers to share necessary information and report suspicious transactions to the commission.

He appreciated their presence at the meeting and expressed hope that the engagement would birth a more cordial working relationship between the banks and the EFCC.

Some of the participants at the meeting stressed the need for regular interactions in order to build a more stronger tie between the banks and EFCC that would engender compliance culture in the Nigerian financial sector.

A compliance officer from Ilorin, Abu Mohammed, lamented that the spate of fraud perpetrated through financial institutions ranging from cybercrimes, money laundering, and other financial crimes has led to an unprecedented focus on the depth and effectiveness of compliance and regulation.

Mohammed urged the EFCC to be unrelenting, while assuring the commission of their support by offering necessary information that could assist its fight against economic and financial crimes, especially illicit transactions in the banking sector.

The Star