No major fraud is committed without connivance of bank officials – EFCC

The Economic and Financial Crimes Commission (EFCC) has said that no major fraud is committed in the banking sector without the connivance of bank officials.

The claim was made by Mr. Michael Nzekwe, the Zonal Commander of the Ilorin Zonal Command of EFCC, during a meeting held with banks’ compliance officers from Kwara and Kogi States in Ilorin.

Nzekwe, who urged financial institutions and compliance officers to be diligent and avoid being complicit in financial practices, noted that they play a crucial role in the fight against economic and financial crimes.

The EFCC zonal commander also asked bank officials to take the issue of “know your customer (KYC)” and “know your customer’s business (KYCB)” seriously as it would help to keep fraudulent customers at bay.

He said;

“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.

“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.

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

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