EFCC Cautions Banks To Cease Protecting Dishonest Consumers

Economic and Financial Crimes Commission (EFCC)

Banks and compliance officers have been cautioned by the Economic and Financial Crimes Commission (EFCC) to stop protecting clients who are participating in financial fraud.

During a meeting with senior compliance staff from Kwara and Kogi States on Friday in Ilorin, the commission issued the warning.

The officials have sensitive positions and are crucial to the fight against economic and financial crimes, according to Zonal Commander Michael Nzekwe.

According to Nzekwe, the purpose of the meeting was to inform banks about recent developments in cybercrime and explore potential areas for future cooperation as combatants.

The authority encouraged them to routinely conduct due diligence with regard to "Know Your Customer" and "Know Your Customer's Business."

Nzekwe claimed that doing this would keep them out of trouble, facilitate EFCC operations, and help to keep fraudulent consumers under observation.

"There is no major fraud, especially money laundering, that is ever committed without the connivance of bank officials," he stressed.

Financial institutions were instructed by Nzekwe to strictly abide by bank rules and regulations and exercise diligence in the performance of their tasks.

The commander said, "Bankers are expected to share necessary information and report suspicious transactions to the commission."