Stop Shielding Fraudulent Customers – EFCC To Banks

The Economic and Financial Crimes Commission (EFCC) has issued a warning to banks and compliance officers to stop shielding customers involved in financial crimes.

The commission issued the warning on Friday in Ilorin during a meeting with senior compliance staff from Kwara and Kogi States.

Zonal Commander, Michael Nzekwe noted that the officials hold sensitive positions and are key to the fight against economic and financial crimes.

Nzekwe said the parley was to educate banks on new trends in cybercrime and seek areas of further collaboration as stakeholders in the battle.

On ‘Know Your Customer (KYC)’ and ‘Know Your Customer’s Business (KYCB)’, the official advised them to routinely carry out due diligence.

Nzekwe said this would save them from trouble, make the work of EFCC easier, and 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,” he stressed.

Nzekwe advised financial institutions to adhere strictly to bank rules, regulations and be diligent in the discharge of their duties.

Bankers are expected to share necessary information and report suspicious transactions to the commission, the commander added.

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