EFCC Indicts Banks In Kwara Over Theft, Money Laundering

Mr Michael Nzekwe, the Zonal Commander of the Ilorin Zonal Command of the Economic and Financial Crimes Commission, EFCC, has indicted some banks in Kwara state.

He indicted them over bank thefts and money laundering, saying, “there is no major fraud especially money laundering that is ever committed without the connivance of bank officials.”

Nzekwe said this during an interactive session with compliance officers of banks at the commission’s office in Ilorin.

The meeting, which had in attendance participants from Kwara and Kogi states, was aimed at building stronger relationship between complaints officers in banks and the commission in the fight against corruption.

He identified the role of banks compliance officers as key to the fight against economic and financial crimes, while urging them to be diligent and avoid being complicit in fraudulent financial practices in the banking sector.

He charged the bankers to adhere strictly to bank rules, regulations and be diligent in the discharge of their duties.

On the issue of Know Your Customer, KYC, and Know Your Customer’s Business, KYCB, the Zonal Commander tasked the bankers to take the two requirements seriously as it would help to keep fraudulent customers on the radar.

“We advise that as bankers, you carry out due diligence and Know Your Customers, KYC. By doing this, you save yourselves from trouble and make our job easier,” he said.

The zonal commander also reiterated the need for bankers and EFCC operatives to be on the same page as new trends in cybercrimes continue to unfold.

He charged 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.

Participants stressed the need for regular meetings in order to build a stronger tie between the banks and the EFCC that would engender compliance culture in the Nigerian financial sector.

According to them, 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.

The participants assured that they would offer the commission the necessary information that could assist its fight against economic and financial crimes, especially illicit transactions in the banking sector.