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EFCC Tasks Banks’ Compliance Officers on Corruption, Money Laundering

THE Executive Chairman, Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has charged banks’ compliance officers to be diligent in the discharge of their duties and always provide the Commission with necessary information to assist it in carrying out its responsibilities.

Olukoyede gave the charge on Wednesday, May 8, 2024 during a roundtable with compliance officers of banks in Ilorin. He urged them to play active roles in educating their customers against fouling Section 21 of the CBN Act 2007 (as amended) on naira abuse and currency mutilation, as the Commission has constituted a “Special Task Force Force” to monitor compliance.


The EFCC boss, who spoke through the Acting Zonal Director, Ilorin Zonal Command of the EFCC, Harry Erin, fsi, said: “We need to find a common ground to work together. You have a responsibility to fight corruption.”

He enjoined compliance officers in various banks to be more diligent in their responsibilities, as a way of tackling money laundering and other sharp practices in the sector.

He also urged the bankers to ensure that enquiries by the Commission get quick responses within 24 hours in order to assist the Commission in the investigation of money laundering cases and all forms of financial crimes that require urgent attention.

“I don’t want to be charging banks alongside suspected criminals because doing so can wreak havoc on the economy. It will even discourage investors from coming to the country. Our intention is to use the anti-corruption fight to bolster the economy. So, we must work together to save this country”, he said.

The EFCC Chair also expressed concerns over the concept of fintech (private banking), which he said were mostly used by criminals to perpetuate crimes.

While charging them on due diligence, accountability and transparency in their transactions, he urged them not to wait until things go awry before they would begin to find a solution to it.

The anti-graft czar also urged the bankers to take the issue of “Know Your Customer” (KYC) and “Know Your Customer’s Business” (KYCB) seriously, as the two requirements 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 sharp practices in the sector.

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