EFCC Cautions South-East Banks’ Compliance Officers: “Be Gatekeepers, Not Enablers of Crime”

By Urube Peter, Abuja

The Economic and Financial Crimes Commission (EFCC) has admonished Banks’ Compliance Officers in the South-East to uphold professionalism in the discharge of their responsibilities, stressing that their role is to serve as gatekeepers rather than facilitators of criminal activities.

The Chairman of the EFCC, Mr. Ola Olukoyede, issued the warning during a one-day sensitization programme held in Enugu, where he underscored that compliance within the financial sector is a fundamental and non-negotiable duty.
Addressing participants, Olukoyede described Compliance Officers as critical watchdogs responsible for guiding banks and ensuring that their operations align with anti-money laundering and counter-financial crime regulations. He urged them to cooperate fully with the Commission by promptly responding to requests for information and honouring Letters of Investigation.
He cautioned against acts of willful blindness, tipping off customers, and other practices that undermine investigations and national security, warning that any staff member found withholding vital information would face the full consequences of the law.
The EFCC Chairman specifically condemned the practice of banks alerting customers when the Commission places a “Place No Debit” order on accounts, describing such actions as criminal and a direct sabotage of national security efforts.
While commending banks that consistently share intelligence with the EFCC, Olukoyede encouraged all financial institutions to strengthen customer due diligence and Know Your Customer (KYC) processes to enhance cooperation with the Commission.
He reaffirmed the EFCC’s commitment to eliminating corruption, as well as economic and financial crimes, across the South-East region.