EFCC, Banks To Strengthen Collaboration In Fight Against Financial Crimes
The Economic and Financial Crimes Commission (EFCC) has urged Nigerian banks to strengthen collaboration with the agency in the fight against financial crimes and corruption.
Speaking in Lagos while addressing members of the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN), Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 1, ACE1 Adebayo Adeniyi, stressed that banks play a frontline role in curbing illicit financial activities.
He noted that strict adherence to Customer Due Diligence (CDD) and Know Your Customer (KYC) principles, alongside timely Suspicious Transaction Reports (STR), would not only support the Commission’s work but also prevent fraud before it festers.
“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,” Adeniyi said, warning that some banks have failed to comply with reporting obligations under the Money Laundering Act.
In response, ACCOBIN Chairman, Boye Ogunmolade, pledged the association’s readiness to partner with the EFCC to entrench a stronger culture of compliance within Nigeria’s financial institutions.
