Home » Tackle money laundering, fraudulent activities, EFCC charges compliance officers of banks

Tackle money laundering, fraudulent activities, EFCC charges compliance officers of banks

by Salami Azeez

The Economic and Financial Crimes Commission (EFCC) has charged Compliance Officers of banks to be diligent while discharging their duties.

The commission also tasked them to ensure that they play active roles in tackling money laundering and other fraudulent financial practices in the banking sector.

The Zonal Head of the Ilorin Office of EFCC, Mr Usman Muktar, gave the charge during a meeting with compliance officers of banks on Monday in Ilorin.

Muktar said that the meeting was aimed at building a better relationship and strengthening of partnership ties between the staff of this critical unit of banks and the commission in the fight against corruption.

The zonal officer, who hosted the bank officials, appreciated their support to the commission in the delivery of its mandate, but urged them to do more.

He hinted about the creation of a Tax Fraud Desk in the Zone.

“The Tax Fraud Desk in conjunction with the Special Control Unit against Money Laundering (SCUML) would greatly ease the problem of company registration currently being faced by people in the zone,” he said.

He added that the section would help in dealing with issues of corruption, tax evasion, illicit financial flows and money laundering.

According to him, the “interface” became necessary in order to check the rising trend of cases of money laundering involving bank officials.

“There is no major fraud especially money laundering that is ever committed without the connivance of the bank officials and this must stop,” he said.

On “Know Your Customer” (KYC) and “Know Your Customer’s Business” (KYCB), the zonal official also tasked the bankers to take the two requirements seriously as it would help to keep fraudulent customers on the radar.

Participants at the meeting assured the EFCC of their support by offering necessary information that could assist it in fighting corruption and other illicit financial transactions.

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