EFCC calls on Nigerian banks to boost collaboration to combat financial crimes, stressing KYC, CDD, and strict compliance with reporting laws.
The Economic and Financial Crimes Commission (EFCC) has called on financial institutions across Nigeria to intensify collaboration with the Commission in order to tackle economic and financial crimes more effectively.
This appeal was made on Wednesday, September 10, by the Acting Zonal Director of the EFCC Lagos Zonal Directorate 1, Assistant Commander of the EFCC (ACE I) Adebayo Adeniyi, during a meeting with members of the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN).
Adeniyi reaffirmed the EFCC’s commitment to fighting corruption and underscored the role of financial institutions in preventing illicit transactions. He stressed that stronger partnerships with banks are crucial in enforcing preventive measures such as Customer Due Diligence (CDD) and Know Your Customer (KYC) principles to curb fraudulent activities.
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“Banks are our first point of call during investigations because they are expected to carry out due diligence on their customers. This makes our work easier,” Adeniyi noted. He further highlighted the need for strict compliance with Suspicious Transaction Reports (STR) and the provisions of the Money Laundering Act, emphasizing that written reports must be forwarded to the EFCC as required by law.
He warned that some banks have been defaulting in these obligations, calling for deeper collaboration to achieve meaningful success against financial crimes.
Responding, Boye Ogunmolade, Chairman of ACCOBIN, congratulated Adeniyi on his appointment and assured the EFCC of the Association’s commitment to strengthening compliance culture within Nigeria’s financial sector.