By Celestine Okafor (Editor-in-Chief) @CeleOkaf11
The Economic and Financial Crimes Commission (EFCC), on May 25, 2021, called for the strengthening of the existing relationship between the Commission and banks in the fight against economic crimes, especially money laundering in the country.
The call was made by the Commission’s Zonal Heads in a separate meeting with Compliance Officers of Banks in Benin, Sokoto, and the Government. The Benin Zonal Head, CDS Muhtar Bello, at a meeting with the Compliance Officer of banks in Benin, said the cooperation of bankers was key in the fight against economic and financial crimes. "We invited you here today to nourish our existing relationship, educate ourselves on the new trends in cybercrime and seek areas of further collaboration as stakeholders in the fight against economic and financial crimes in Nigeria ".
He charged the bankers to adhere strictly to all bank rules, regulations, and ethics in the discharge of their duties. “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 Head further stated that bankers and operatives need 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. In Sokoto, the Zonal Head, CDS Bawa Usman Kaltungo urged Bank Compliance officers not to compromise on the issues of illegal cash movement in the country in a bid to check on kidnapping, banditry, and terrorist financing.
He called on banks to join in the fight against money laundering and terrorism financing, saying “the meeting is aimed at building a better relationship and strengthening of the partnership between the staff of this critical unit of banks and the Commission.".
On the issue of "Know Your Customer" ( KYC ) and "Know Your Customer's Business," ( KYCB ) the Zonal Head tasked the bankers to take the two requirements seriously as it would help to keep fraudulent customers at bay.
"The EFCC is ready to deal with the individuals, groups, and organizations that conspire with some bad eggs among us to perpetrate the act of money laundering and terrorist financing,” he said
He further calls on them to encourage their Designated Non- Financial Institutions (DNFIs) customers to register their businesses with the Special Control Unit against Money Laundering (SCUML),.
However, the banks' Compliance Officers pledged their continuous support to the Commission in its fight against corruption.
In the same vein, the Zonal Head of Gombe Office, CDS Babashani Umar Sanda, charged Banks Compliance officers to identify existing challenges and also strengthen relationships in the fight against all forms of financial crimes within the banking sector.
He reminded the Compliance Officers of their KYC responsibilities, while also urging them to maintain proper record keeping in all their dealings. NNL.
