Infractions: How bank officials are complicit in money laundering, frauds –EFCC

*Nigeria’s Economic and Financial Crimes Commission urges banks and other financial institutions to adhere strictly to bank rules and regulations and collaborate with stakeholders in the battle against financial crimes in the country

Isola Moses | ConsumerConnect

Against the report menace money-laundering and related financial malfeasance, the Economic and Financial Crimes Commission (EFCC) has affirmed that some officials of the Deposit Money Banks (DMBs) are complicit in Nigeria’s money-related frauds.

ConsumerConnect gathered the anti-graft regulatory Commission has warned that commercial banks should stop shielding customers suspected of financial malpractices in the economy.

Michael Nzekwe, EFCC Zonal Commander, handed down this warning Friday, May 12, 2023, in Ilorin, the Kwara State capital, during a meeting with Senior Compliance Staff from Kwara and Kogi states.

The EFCC Zonal Commander also stressed that the officials of the Commission hold sensitive positions, and are critical to the fight against economic and financial crimes in Nigeria.

The conversation, he noted, is to educate Nigerian banks on new trends in cybercrime, and seek areas of further collaboration as stakeholders in the battle against financial crimes.

The EFCC chief further advised the financial institutions to adhere strictly to bank rules and regulations and diligently discharge their duties.

Nzekwe especially noted “there is no major fraud, especially money laundering, that is ever committed without the connivance of bank officials.”

Meanwhile, the EFCC in a report disclosed the anti-graft Commission recorded a total of 3785 convictions 2022.