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EFCC Chairman Urges Banks’ Compliance Officers to Maintain Confidentiality

Written by Jerry Alomatu on May 11, 2024

News Views: 163

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a stern warning to Compliance Officers of Banks nationwide, urging them to comply with officers by promptly responding to letters received from the Commission and to refrain from unauthorized disclosure of the commission’s investigation activities and requests made to banks’ customers.

In a statement by the Head of Media and Publicity, Dele Oyewale, in Ibadan, Oyo State capital, Olukoyede expressed concern over the unhealthy support fraudsters receive from Nigeria’s banking sector, citing it as a significant challenge for the commission.

During a stakeholders’ meeting with Compliance Officers of Banks in Oyo State, the EFCC Chairman, represented by the Acting Zonal Director of the Ibadan Zonal Command, Hauwa Garba Ringim, emphasized the detrimental impact of compliance officers’ disclosure of information to clients regarding EFCC’s letters of investigation activities to banks.

“The act usually jeopardizes the investigation exercise of financial crimes and delays corruption cases from being filed before the law court,” Olukoyede stated.

He further urged compliance officers to promptly respond to letters received from the Commission with certified true copies, including instruments of transactions of beneficiaries or sources, to expedite investigation processes to a logical conclusion.

Addressing the prevalence of illegal dealings and trading in naira with Point-of-Sale (POS) operators, Olukoyede stressed the need to halt such practices. He highlighted the disparity between the withdrawal limits imposed by banks’ Automated Teller Machines (ATMs) and the significant amounts of money observed with POS operators, emphasizing the unfairness to Nigerians and the imperative to combat it decisively.

While assuring compliance officers of the commission’s unwavering support, Olukoyede reiterated their crucial role as stakeholders in the fight against economic and financial crimes.