As part of efforts targeted at curtailing looting, fraudulent activities and other forms of financial corruption, the Economic and Financial Crimes Commission has issued a new directive to Nigerian banks.
The commission’s chairman, Abdulrasheed Bawa, who made this known during a meeting with the Association of Chief Audit Executives of Banks in Nigeria, asked banks to investigate their customers’ income sources.
According to Bawa, Nigerian banks should know their customers and their businesses before opening an account for them. He noted that some customers would open an account and have a massive sum of money within a space of two months after opening the account.
The EFCC boss said the commission would hold banks liable for fraudulent activities in financial deposits in case of complicity in the sector from September 1.
EFCC Issues New Directive
He advised the bank auditors to take transparency issues in banking operations seriously. Bawa added that the commission would hold banks liable for established cases of institutional complicity in fraud.
Meanwhile, the association’s vice-chairman, Uduak Udoh, revealed that some customers are conniving with bank staff to loot funds. You will recall that the commision had once asked bank employees to declare their assets.
