No major fraud committed without connivance of bank officials, says EFCC

The Economic and Financial Crimes Commission (EFCC) says there is no major fraud committed in the banking sector without the connivance of bank employees.

Michael Nzekwe, commander of the Ilorin zonal command of EFCC, spoke on Thursday during an interactive session with banks’ compliance officers from Kwara and Kogi states.

He said banks’ compliance officers played a crucial role in the fight against economic and financial crimes.

Nzekwe said the meeting was aimed at building a stronger relationship between the staff of banks and the commission in the fight against corruption.

He urged them to be diligent and avoid being complicit in fraudulent financial practices in the sector.

“We invited you here today to nourish our existing relationship, educate ourselves on the new trends in cybercrime and seek areas of further collaboration as stakeholders in the fight against economic and financial crimes in Nigeria,” Nzekwe said.

The zonal commanders told the bankers to adhere strictly to banking rules, regulations and be diligent in the discharge of their duties.

On the issue of “know your customer (KYC)” and “know your customer’s business (KYCB)”, Nzekwe asked the bankers to take the two requirements seriously as it would help to keep fraudulent customers at bay.

“We advise that as bankers, you carry out due diligence and know your customers. By doing this, you save yourselves from trouble and make our job easier,” he said.

“There is no major fraud, especially money laundering, that is ever committed without the connivance of bank officials.”

Nzekwe also emphasised the need for bankers and EFCC operatives to be on the same page as new trends in cybercrimes continue to unfold.

He encouraged the bankers to share necessary information and report suspicious transactions to the commission.

Some of the participants spoke on the need for regular meetings in order to build a stronger tie between the banks and the EFCC.

While urging the EFCC to be unrelenting, they assured the commission of their support by offering necessary information that could assist its fight against economic and financial crimes, especially illicit transactions in the banking sector.