EFCC Unveils Fresh Directives for Banks

The Economic and Financial Crimes Commission (EFCC) has urged financial institutions across the country to deepen their collaboration with the Commission in the ongoing fight against economic and financial crimes, as well as other forms of corruption.

The call was made on Wednesday, September 10, by the Acting Zonal Director of the Lagos Zonal Directorate 1 of the EFCC, Assistant Commander of the EFCC (ACE I) Adebayo Adeniyi, during an engagement with representatives of the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN).

Adeniyi reaffirmed the EFCC’s commitment to combating financial crimes, stressing that effective partnerships with banks are vital to preventive measures such as Customer Due Diligence (CDD) and Know Your Customer (KYC) principles.

“The first point of call for us during investigations should be the bank because you are expected to carry out due diligence on your customers. This makes our job easier. The issue of Suspicious Transaction Reports (STR) also needs to be given priority,” he said.

He further reminded banks of their obligations under the Money Laundering Act, noting that some institutions have fallen short in forwarding written reports as required. “We need your collaboration; we cannot succeed without the banks,” he emphasized.

In his response, Chairman of ACCOBIN, Boye Ogunmolade, congratulated Adeniyi on his appointment and assured that the Association is ready to work closely with the EFCC to entrench a sustainable compliance culture within Nigeria’s financial sector.