The Economic and Financial Crimes Commission (EFCC) has urged financial institutions in Nigeria to enhance their partnership with the organization to combat economic and financial crimes effectively.
This call was made on April 29, 2025, in Port Harcourt by the Acting Zonal Director of EFCC, Assistant Commander Adebayo Adeniyi, who addressed bank compliance officers.
During his remarks, Adeniyi emphasized the importance of conducting thorough Customer Due Diligence and adhering to Know Your Customer (KYC) principles.
He stressed that banks play a crucial role in the fight against corruption and must collaborate effectively with the EFCC.
He also reminded officers to maintain ethical conduct and accountability while dealing with clients, warning that non-compliance with KYC standards would lead to sanctions.
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Adeniyi highlighted the critical need for banks to identify and keep customer records updated to facilitate investigations.
He cautioned account officers against supporting internet fraud by allowing the creation of multiple accounts or improperly informing customers about ongoing investigations. He urged them to prioritize the nation’s welfare over solely protecting the bank’s reputation.
In response, compliance officer Edward Keto acknowledged the value of the meeting, noting that it would aid professionals in effectively managing their customer interactions.