The Economic and Financial Crimes Commission, EFCC, has charged financial institutions in Nigeria to intensify their collaboration with the Commission to stamp out economic and financial crimes and other corrupt activities.
The acting Zonal Director of the Lagos Zonal Directorate 1 of the EFCC, ACE1 Adebayo Adeniyi, emphasized the Commission’s commitment to eradicating economic and financial crimes while addressing representatives of the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) on Wednesday, September 10, 2025.
According to him, “Partnership with banks are crucial in strengthening preventive measures such as Customer Due Diligence CDD, and Know Your Customers, KYC, principles as a way of curbing fraudulent activities.
“The first point of call for us during investigations should be the bank because you are supposed to do due diligence for your customers. This makes our jobs easier. The issue of Suspicious Transaction Reports (STR) also needs to be emphasized .
“The Money Laundering Act states that a written report should be forwarded. Some banks have been failing in this aspect. We need your collaboration; we cannot succeed without the banks.”
Earlier, the Chairman of ACCOBIN, Boye Ogunmolade, congratulated Adeniyi on his appointment and expressed the Association’s readiness to partner with the EFCC in promoting a sustainable compliance culture in the nation’s financial institution.
