The Economic and Financial Crimes Commission (EFCC) has issued fresh directives to financial institutions, urging them to deepen collaboration with the Commission in the fight against economic and financial crimes.
The charge was delivered on Wednesday, September 10, by Assistant Commander of the EFCC, Adebayo Adeniyi, Acting Zonal Director of the Lagos Zonal Directorate 1, during a meeting with representatives of the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN).
Adeniyi stressed that banks remain the EFCC’s first point of call during investigations, as they are expected to carry out proper Customer Due Diligence (CDD) and Know Your Customer (KYC) checks to prevent fraudulent activities.
He also reminded banks of their statutory obligation to file Suspicious Transaction Reports (STRs), noting that some institutions have failed to comply fully.
“The Money Laundering Act states that a written report should be forwarded. Some banks have been failing in this aspect. We need your collaboration; we cannot succeed without the banks,” he said.
In response, ACCOBIN Chairman, Boye Ogunmolade, congratulated Adeniyi on his appointment and assured the EFCC of the association’s commitment to fostering a sustainable compliance culture across Nigeria’s financial institutions.
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