Query potential customers’ sources of income, EFCC tells banks

The Economic and Financial Crimes Commission has asked all commercial banks in the country to investigate the sources of income of their potential customers before opening an account for them.

Chairman of the EFCC, Abdulrasheed Bawa, stated this on Tuesday when the Association of Chief Audit Executives of Banks in Nigeria, led by its Chairman, Yinka Tiamiyu, paid him a courtesy visit in Abuja.

He also told the bank auditors to take issues of transparency in banking operations seriously.

According to him, starting from September 1, 2021, it will no longer be business as usual as the commission will hold banks liable where there are established cases of institutional complicity in fraud in the sector.

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

Bawa said, “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.”

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

He affirmed 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 organizations to incubate or suppress financial malfeasance.

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.”