Investigate your customers’ source of income, EFCC tells banks

The Economic and Financial Crimes Commission (EFCC) has asked banks to investigate the source of income of their customers. 

Abdulrasheed Bawa, EFCC chairman, said this on Tuesday, when members of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) paid him a courtesy visit in Abuja.

Bawa said some customers will receive a huge sum of money within two months of opening an account.

“I will like to urge you to know your customers, know the kind of businesses they do before opening an account for them because some customers will open an account within a space of two months a huge sum of money is found in the account, so there is need for you to try and query these information including their linked accounts,” he said.

The EFCC said the anti-graft agency will start holding banks liable for fraud in financial deposits, where there are established cases of complicity in the sector from September 1.

“Bawa implored the bank auditors to take issues of transparency in banking operations seriously, adding that starting from September 1, 2021 it will no longer be business as usual as the commission will hold banks liable where there are established cases of institutional complicity in fraud in the sector,” the EFCC chief was quoted in a statement.

On his part, Uduak Udoh, vice-chairman of the association, said some customers are conniving with bank staff to loot funds, while seeking support from the commission.

“Some customers are conniving with bank staff to loot funds. We want you to look into that area, not only the banks as we are ready to give you all the cooperation you need; we want you to trust bank auditors with information sharing because we cannot support fraudulent staff as they are a threat to the organization,” he added.

In March, the anti-corruption agency asked bank employees to declare their assets — as a part of efforts to check the role of bankers in keeping funds acquired illegitimately.