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Money Laundering: EFCC Seeks Further Collaboration with Bankers



The Economic and Financial Crimes Commission, EFCC, had yesterday called for the strengthening of existing relationship between the Commission and banks in the fight against economic crimes, especially money laundering in the country.

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The call was made by the Commission’s Zonal Heads in separate meeting with Compliance Officers of Banks in Benin, Sokoto and Gombe.

The Benin Zonal Head, CDS Muhtar Bello, at a meeting with Compliance Officer of banks in Benin, said the cooperation of bankers was key in the fight against economic and financial crimes. “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 “.

He charged the bankers to adhere strictly to all bank rules, regulations and ethics in the discharge of their duties. “We advise that as bankers you carry out due diligence and know your customers KYC. By doing this, you save yourselves from trouble and make our job easier,” he said.

The Zonal Head further stated that bankers and operatives need to be on the same page as new trends in cybercrimes continue to unfold. He charged the bankers to share necessary information and report suspicious transactions to the Commission.

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In Sokoto, the Zonal Head, CDS Bawa Usman Kaltungo urged Bank Compliance officers not to compromise on the issues of illegal cash movement in the country in a bid to check on kidnaping, banditry and terrorist financing.

He called on banks to join in the fight against money laundering and terrorism financing, saying “the meeting is aimed at building a better relationship and strengthening of partnership between the staff of this critical unit of banks and the Commission.”.

On the issue of “Know Your Customer” ( KYC ) and “Know Your Customer’s Business,” ( KYCB ) the Zonal Head tasked the bankers to take the two requirements seriously as it would help to keep fraudulent customers at bay.

“The EFCC is ready to deal with the individuals, groups and organisations that conspire with some bad eggs among us to perpetrate the act of money laundering and terrorist financing.” he said

He further call on them to encourage their Designated Non- Financial Institutions (DNFIs) customers to register their businesses with the Special Control Unit against Money Laundering (SCUML).

However, the banks Compliance Officers pledged their continuous support to the Commission in its fight against corruption.

In the same vein, the Zonal Head of Gombe Office, CDS Babashani Umar Sanda, charged Banks Compliance officers to identify existing challenges and also strengthen relationship in the fight against all forms of financial crimes within the banking sector.

He reminded the Compliance Officers of their KYC responsibilities, while also urging them to be maintain proper record keeping in all their dealings.