EFCC Urges Banks to Strengthen KYC Compliance,Anti-Corruption Collaboration

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The Economic and Financial Crimes Commission (EFCC) has urged financial institutions nationwide to develop their Know Your Customer (KYC) processes and deepen collaboration with the Commission in the ongoing fight against economic and financial crimes.

The Acting Zonal Director of the EFCC, Assistant Commander of the EFCC (ACE I) Adebayo Adeniyi, stated that on Tuesday during an engagement with bank compliance officers in Port Harcourt.

He reaffirmed the pivotal role of financial institutions in curbing corruption, urging compliance officers to prioritize customer due diligence, ethical standards, and accountability in their operations.

“Banks are critical stakeholders in the anti-corruption crusade,” Adeniyi said. “Their collaboration with the EFCC is important to track illicit financial flows and support investigations. Proper identification and updated records of customers are crucial in this regard.”

He cautioned account officers against aiding internet fraudsters through the creation of multiple accounts or tipping off customers under EFCC investigation.

“In as much as you have to protect your institution, do not do so at the expense of national integrity. Do not destroy the image of your family and society by shielding criminal elements,” he advised.

It was gathered that non-compliance with due diligence and KYC requirements could attract serious sanctions, not just for customers, but potentially for negligent institutions as well.

In response, Edward Keto, one of the attending compliance officers, showed gratitude to the EFCC for the engagement. “It is a privilege to meet with the Commission directly. This will help us manage customer relationships more professionally while supporting national efforts to fight financial crimes,” he said.

The meeting was finalized with a shared commitment to strengthening ethical banking practices and supporting the EFCC in its mandate.