Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has called on compliance officers in banks to demonstrate diligence in their duties and to provide the Commission with essential information to aid in its responsibilities.
Olukoyede made this call during a roundtable discussion with compliance officers of banks in Ilorin, the capital of Kwara State in north-central Nigeria.
He urged them to actively educate their customers on avoiding violations of Section 21 of the CBN Act 2007 (as amended), which pertains to naira abuse and currency mutilation. Olukoyede mentioned the establishment of a Special Task Force by the Commission to monitor compliance in this regard.
Speaking through Harry Erin, the Acting Zonal Director of the EFCC’s Ilorin Zonal Command, Olukoyede stressed the importance of cooperation between the EFCC and banks in combating corruption.
He emphasised the need for increased diligence among compliance officers to tackle money laundering and other illicit practices within the banking sector.
Olukoyede urged banks to respond promptly to inquiries from the Commission, within 24 hours, to aid in the investigation of money laundering cases and other financial crimes.
He underscored the EFCC’s commitment to leveraging anti-corruption efforts to strengthen the economy, emphasising the importance of collaboration between banks and law enforcement agencies.
Expressing concern about the misuse of fintech (private banking) platforms by criminals, Olukoyede called on banks to prioritise due diligence, accountability, and transparency in their transactions. He highlighted the significance of adhering to “Know Your Customer” (KYC) and “Know Your Customer’s Business” (KYCB) requirements to identify fraudulent customers and prevent illicit activities.
Participants at the meeting pledged their support to the EFCC, promising to provide necessary information to aid in the fight against corruption and financial crimes within the banking sector.