EFCC Tells Banks to Verify Customers Source of Income

Abdulrasheed Bawa the Chairman of Economic and Financial Crimes Commission, EFCC has called on banks in the country to verify every client’s source of income before opening an account for them.

He gave the suggestion on Tuesday, August 24 during his visit to the Commission’s headquarters in Abuja, Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), led by Yinka Tiamiyu the Chairman of the Association.

Bawa stated that from September 1, 2021, it will no longer be the usual way of handling business. Therefore, bank auditors should be transparent in their banking operations as banks would be held responsible should there be any established institutional complicity in fraud in the sector.

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Bawa said the commission is ready and willing to work with the association in other to fight against financial crime and related issues in the banking sector.

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Taimiyu made known their interest stating that they are in the Commission to seek improved collaboration between banks and the EFCC in fighting economic and financial crimes.

He reassured that the banks as the major actors are committed to cleansing the nation’s financial system .

The Vice Chairman of the Association Uduak Udoh said, “Some customers are conniving with bank staff to loot funds. We want you to look into that area, not only the banks as we are ready to give you all the cooperation you need; we want you to trust bank auditors with information sharing because we cannot support fraudulent staff as they are a threat to the organization.”

They also took advantage of the visit to tackle some issues of concern with regards to the organizations, such as the EFCC’s expedited consideration of bank petitions.