The Economic and Financial Crimes Commission (EFCC) has called on Nigeria’s financial institutions to enhance their cooperation with the agency and reinforce their anti-fraud measures to effectively combat economic and financial crimes.
The anti-graft agency, in a statement made available to journalists on its social media handles, said the acting Zonal Director of the EFCC’s Lagos Zonal Directorate 1, Assistant Commander of the EFCC (ACE1) Adebayo Adeniyi, gave the charge.
Adeniyi delivered the charge during a meeting with representatives from the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN).
Adeniyi underscored the critical role of banks in the fight against financial crimes, highlighting that a robust partnership is essential to strengthening preventive measures like Customer Due Diligence (CDD) and Know Your Customer (KYC) principles.
He stressed that banks serve as a primary resource for the EFCC during investigations, and their adherence to due diligence makes the commission’s work significantly easier.
The Zonal Director also pointed out a concerning failure among some banks to comply with the Money Laundering Act, specifically regarding the timely submission of Suspicious Transaction Reports (STRs).
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Adeniyi emphasised that a written report, as mandated by law, is a crucial element of this collaboration.
“We need your collaboration; we cannot succeed without the banks,” he stated, reinforcing the interdependency between the anti-graft agency and the financial sector.
Earlier in the meeting, the Chairman of ACCOBIN, Boye Ogunmolade, congratulated Adeniyi on his new appointment.
Ogunmolade affirmed the association’s commitment to working alongside the EFCC to promote and embed a sustainable compliance culture within the nation’s financial system.
The meeting signified a renewed push by the EFCC to leverage the financial sector’s data and compliance mechanisms as a frontline defence against corruption and illicit financial flows.
