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EFCC indicts banks in Kwara over theft, money laundering

Banks in Kwara state have been indicted for bank thefts and money laundering by the Economic and Financial Crimes Commission's (EFCC) Ilorin Zonal Commander, Mr. Michael Nzekwe, who claims that "no major fraud, especially money laundering, is ever committed without the connivance of bank officials."

This was remarked by Nzekwe during a commission office in Ilorin interactive session with bank compliance personnel.

Participants from Kwara and Kogi states attended the conference, which had as its goal strengthening ties between bank complaints officers and the commission in the fight against corruption.

He emphasized the importance of bank compliance officers in the battle against economic and financial crimes while advising them to exercise caution and abstain from participating in unethical financial activities in the banking industry.

He commanded the bankers to scrupulously abide by bank policies and procedures and exercise diligence in the performance of their duties.

The Zonal Commander instructed the bankers to take Know Your Customer, or KYC, and Know Your Customer's Business, or KYCB, seriously since doing so would assist to keep fraudulent consumers under suspicion.

"As bankers, we encourage you to perform due diligence and Know Your Customers (KYC). You spare yourself from problems and make our work simpler by doing this, he continued.

The zonal commander also reemphasized the necessity of bankers and EFCC agents working together as new patterns in cybercrime continue to emerge.

He instructed the bankers to tell the commission of any questionable transactions and provide pertinent information.

He expressed gratitude for their attendance at the meeting and hoped that the interaction would result in a more amicable working arrangement between the banks and the EFCC.

Participants emphasized the need of holding frequent meetings to strengthen the relationship between the banks and the EFCC and foster a compliance culture in the Nigerian financial industry.

They claim that the recent wave of fraud committed through financial institutions, including money laundering, cybercrimes, and other financial crimes, has caused an unheard-of concentration on the breadth and efficacy of compliance and regulation.

The participants gave the commission their word that they would provide the required information to aid in the commission's battle against economic and financial crimes, including illegal banking transactions.

"Source: Punch News"

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Kwara Nzekwe


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