EFCC Issues New Directives To Banks

The Economic and Financial Crimes Commission, EFCC, has charged financial institutions in the country to strengthen their collaboration with the Commission as part of efforts to rid the nation of economic and financial crimes and other acts of corruption.

This charge was given on Wednesday, September 10, by the acting Zonal Director of the Lagos Zonal Directorate 1 of the EFCC, Assistant Commander of the EFCC, ACE1 Adebayo Adeniyi, while addressing representatives of the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN).

Adebayo emphasized the EFCC’s commitment to eradicating economic and financial crimes and also highlighted the importance of collaboration.

According to him, “Partnership with banks are crucial in strengthening preventive measures such as Customer Due Diligence CDD, and Know Your Customers, KYC, principles as a way of curbing fraudulent activities”.

“The first point of call for us during investigations should be the bank because you are supposed to do due diligence for your customers. This makes our jobs easier. The issue of Suspicious Transaction Reports (STR) also needs to be emphasized .

He emphasized that “The Money Laundering Act states that a written report should be forwarded. Some banks have been failing in this aspect. We need your collaboration; we cannot succeed without the banks.”

The Chairman of ACCOBIN, Boye Ogunmolade, congratulated Adeniyi on his appointment and expressed the Association’s readiness to partner with the EFCC in promoting a sustainable compliance culture in the nation’s financial institution.

EFCC Issues New Directives To Banks is first published on The Whistler Newspaper