The EFCC urges Banks to “question” customers’ sources of Income.
News Report August 25, 2021
Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission (EFCC), has advised banks in the country to check potential clients’ sources of income before creating an account for them NewsReport gathered.
Bawa provided the suggestion on Tuesday during a courtesy visit to the Commission’s headquarters in Abuja by the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), led by its Chairman, Yinka Tiamiyu.
The EFCC urged bank auditors to take concerns of transparency in banking operations seriously, noting that it will no longer be business as usual as of September 1, 2021, when the agency will hold banks accountable for institutional cooperation in fraud in the industry.
He did, however, reaffirm the commission’s desire to work with the association to combat financial crimes and other banking-related issues.
He reaffirmed banks’ commitment to sanitizing the nation’s financial system as main actors, stressing that it was not in the institutions’ best interests to foster or repress financial misconduct.
“Some consumers are collaborating with bank workers to plunder funds,” Uduak Udoh, Vice Chairman of the Association, said, elaborating on this issue. We want you to investigate that area, not just the banks, because we are prepared to provide you with all of the assistance you require; we want you to trust bank auditors with information sharing because we cannot support dishonest employees since they are a threat to the organization.”
They took advantage of the visit to raise matters that were important to them and their organizations, such as the EFCC’s consideration of bank petitions being expedited.