The Zonal Commander of the Ilorin Zonal Command of the Economic and Financial Crimes Commission, EFCC, Michael Nzekwe has identified the role of bank compliance officers as key to the fight against economic and financial crimes.
Nzekwe urged banks to be diligent and avoid being complicit in fraudulent financial practices in the banking sector.
Nzekwe made the call during an interactive session with compliance officers of banks held at the Commission’s Office in Ilorin, Kwara State North Central Nigeria.
The meeting, which drew participants from Kwara and Kogi States, aimed at building a stronger relationship between the staff of this critical unit of banks and the Commission in the fight against corruption.
“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,” Nzekwe said.
He urged bankers to adhere strictly to rules and regulations and be diligent in the discharge of their duties.
On the issue of “Know Your Customer” (KYC) and “Know Your Customer’s Business” (KYCB,) the Zonal Commander tasked the bankers to take the two requirements seriously as it would help to keep fraudulent customers on the radar.
Nzekwe said; “We advise that as bankers, you carry out due diligence and know your customer’s KYC. By doing this, you save yourselves from trouble and make our job easier.”
According to him, there is no major fraud especially money laundering that is ever committed without the connivance of bank officials.
The Zonal Commander also reiterated “the need for bankers and EFCC operatives to be on the same page as new trends in cybercrimes continue to unfold.”
Nzekwe advised the bankers to share necessary information and report suspicious transactions to the Commission.
He appreciated their presence at the meeting and expressed hope that the engagement would birth a more cordial working relationship between the banks and the EFCC.
The Participants stressed the need for regular meetings to build a stronger tie between banks and the EFCC that would engender a compliance culture in the Nigerian financial sector.
According to them, “the spate of fraud perpetrated through financial institutions ranging from cybercrimes, money laundering and other financial crimes has led to an unprecedented focus on the depth and effectiveness of compliance and regulation.”
While urging the EFCC to be unrelenting, the participants assured the Commission of their support by offering necessary information that could assist its fight against economic and financial crimes, especially illicit transactions in the banking sector.
Mercy Chukwudiebere
