EFCC To Hold Banks Liable In Fraudulent Deposits From Sept 1

From September 1, 2021, the Economic and Financial Crimes
Commission will hold banks liable where there are established cases
of institutional complicity in fraud in the sector.

Speaking when members of the Association of Chief Audit
Executives of Banks in Nigeria, (ACAEBIN), led by the Chairman,
Yinka Tiamiyu, paid him a courtesy visit in his office, the
Chairman of EFCC, Mr. Abdulrasheed Bawa, said bank auditors must
take issues of transparency in their operations serious, adding
that starting from the aforementioned day, it would no longer be
business as usual as the commission would hold banks responsible
for such transactions.

“I will like to urge you to know your customers, know the kind
of businesses they do before opening an account for them because
some customers will open an account within a space of two months a
huge sum of money is found in the account, so there is need for you
to try and query these information including their linked
accounts,” he said.

He affirmed commission’s willingness to partner with the
association in tackling financial crimes and related challenges in
the banking sector.

“EFCC welcomes your suggestion of robust partnership. We cannot
do this job alone. We need information, and for all Nigerians to be
on board, to rid our country of corruption”, he said.

Tiamiyu in his remarks, said they were at the commission to seek
improved partnership between banks and the EFCC in tacking economic
and financial crimes.

He reiterated the commitment of banks as lead actors in the
nation’s financial system to sanitising the system, noting that it
was not in the interest of the organisations to incubate or
suppress financial malfeasance.

In his contribution, 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
organisation.”

The delegation used the opportunity of the visit to highlight
issues of concern to them and their organisations, including
fast-tracking the consideration of petitions from banks by the
EFCC.

From September 1, 2021, the Economic and Financial Crimes
Commission will hold banks liable where there are established cases
of institutional complicity in fraud in the sector.

Speaking when members of the Association of Chief Audit
Executives of Banks in Nigeria, (ACAEBIN), led by the Chairman,
Yinka Tiamiyu, paid him a courtesy visit in his office, the
Chairman of EFCC, Mr. Abdulrasheed Bawa, said bank auditors must
take issues of transparency in their operations serious, adding
that starting from the aforementioned day, it would no longer be
business as usual as the commission would hold banks responsible
for such transactions.

“I will like to urge you to know your customers, know the kind
of businesses they do before opening an account for them because
some customers will open an account within a space of two months a
huge sum of money is found in the account, so there is need for you
to try and query these information including their linked
accounts,” he said.

He affirmed commission’s willingness to partner with the
association in tackling financial crimes and related challenges in
the banking sector.

“EFCC welcomes your suggestion of robust partnership. We cannot
do this job alone. We need information, and for all Nigerians to be
on board, to rid our country of corruption”, he said.

Tiamiyu in his remarks, said they were at the commission to seek
improved partnership between banks and the EFCC in tacking economic
and financial crimes.

He reiterated the commitment of banks as lead actors in the
nation’s financial system to sanitising the system, noting that it
was not in the interest of the organisations to incubate or
suppress financial malfeasance.

In his contribution, 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
organisation.”

The delegation used the opportunity of the visit to highlight
issues of concern to them and their organisations, including
fast-tracking the consideration of petitions from banks by the
EFCC.