EFCC Urges Banks To ‘Query’ Customers’ Sources Of Income Before Opening Accounts

The Chairman of the Economic and Financial Crimes
Commission, EFCC, Abdulrasheed Bawa, has urged banks
in the country to investigate the sources of income of
their potential customers before opening an account for
them.
Bawa gave the advice on Tuesday when the Association
of Chief Audit Executives of Banks in Nigeria, (ACAEBIN),
led by the Chairman, Yinka Tiamiyu paid him a courtesy
visit at the Commission`s headquarters, Abuja.
The EFCC implored the bank auditors to take issues of
transparency in banking operations seriously, adding that
starting from September 1, 2021 it will no longer be
business as usual as the commission will hold banks liable
where there are established cases of institutional
complicity in fraud in the sector.
He however, affirmed the commission’s willingness to
partner with the association in tackling financial crimes
and related challenges in the banking sector.
I will like to urge you to know your customers, know the
kind of businesses they do before opening an account for
them because some customers will open an account
within a space of two months a huge sum of money is
found in the account, So there is need for you to try and
query these information including their linked accounts,”
Bawa said.