Banks and compliance officers have been advised by the Economic and Financial Crimes Commission (EFCC) not to continue protecting clients who are engaged in financial fraud.
The commission delivered the warning on Friday in Ilorin at a meeting with top compliance staff from the states of Kwara and Kogi.
The Zonal Commander, Michael Nzekwe, stated that the officials held sensitive positions and are essential in the fight against economic and financial crimes.
According to Nzekwe, the purpose of the meeting was to inform banks on recent developments in cybercrime and look for opportunities for increased cooperation among participants in the conflict.
The authority instructed them to routinely conduct due diligence in regards to “Know Your Customer” and “Know Your Customer’s Business.”
Nzekwe claimed that doing this would prevent them from getting into problems, facilitate EFCC operations, and help to keep fraudulent consumers under surveillance.
He emphasized that “no major fraud, especially money laundering, is ever committed without the connivance of bank officials.”
Nzekwe recommended financial institutions to strictly abide by bank rules and regulations and exercise diligence in the performance of their tasks.
The commander continued, “Bankers are expected to exchange necessary information and report suspicious transactions to the commission.
