Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission (EFCC), has advised banks in the country to check potential clients’ sources of income before creating an account for them.
Bawa provided the suggestion on Tuesday during a courtesy visit to the Commission’s headquarters in Abuja by the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), led by its Chairman, Yinka Tiamiyu.
The EFCC urged bank auditors to take concerns of transparency in banking operations seriously, noting that it will no longer be business as usual as of September 1, 2021, when the agency will hold banks accountable for institutional cooperation in fraud in the industry.
He did, however, reaffirm the commission’s desire to work with the association to combat financial crimes and other banking-related issues.
“I’d like to encourage you to get to know your customers and the types of businesses they run before opening an account for them,” Bawa said. “Some customers will open an account and then find a large sum of money in it within two months. So you should try to query this information, including their linked accounts.”
In his remarks, Tiamiyu stated that they were in the Commission to seek increased cooperation between banks and the EFCC in the fight against economic and financial crimes.