Banks and compliance officers have been cautioned not to continue protecting clients who are engaged in financial fraud by the Economic and Financial Crimes Commission (EFCC).
The warning was given by the commission on Friday in Ilorin at a meeting with top compliance personnel from the states of Kwara and Kogi.
Michael Nzekwe, Zonal Commander, emphasized that the officials held sensitive positions and are crucial to the effort to combat economic and financial crimes.
According to Nzekwe, the discussion aimed to inform banks on recent developments in cyber crime and identify potential areas for future cooperation among participants in the conflict.
The official suggested that they consistently do due diligence with regard to “Know Your Customer” and “Know Your Customer’s Business.”
This, according to Nzekwe, will keep fraudulent consumers under the EFCC’s nose, spare them from difficulty, and facilitate EFCC operations.
He emphasized that no significant fraud, particularly money laundering, has ever been carried out without bank employees’ knowledge.
Nzekwe encouraged financial institutions to rigorously abide by bank laws and regulations and to do their obligations diligently.
The commander said, “Bankers are expected to share pertinent information and alert the commission to any suspicious transactions.”