The chairman of the Economic and Financial Crimes Commission (EFCC) has told banks to be more committed to tackling financial crimes and related challenges in the banking sector.
He said during a meeting with the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) on Tuesday, August 24, 2021 that the anti-graft agency alone cannot rid the country of corruption.
The 41-year-old said bank auditors must take issues of transparency in banking operations seriously.
“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 boss further warned that the agency will start holding banks liable where there are established cases of institutional complicity in fraud in the sector.
In a meeting with bank directors last week, he said financial institutions must help fight fraudulent election financing, foreign exchange malpractices, and money laundering.
“Any banker complicit in any such financial fraud will face the full wrath of the law.
“It is better to have fewer banks complying with the laws of the land than to have multiple banks not complying with the laws,” he said.
At Tuesday’s meeting, ACAEBIN chairman, Yinka Tiamiyu, pledged the commitment of the association to helping the EFCC sanitise the financial system.
Rice, a staple for Christmas celebrations in Nigeria, has become a luxury this year. Soaring…
Panic erupted on Saturday at a concert in Lagos when the stage collapsed during Odumodublvck’s…
The Federal Government of Nigeria has allocated ₦6,364,181,224 billion for the refurbishment and rehabilitation of…
The black market dollar to naira exchange rate for today, 22nd December 2024, can be…
The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that the 60,000 barrels per…
Manchester City finds itself in unprecedented turmoil, with relegation-level form showing little sign of improvement.…