September 26, 2021

EFCC orders banks to probe income sources of customers

EFCC orders banks to probe income sources of customers

Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has directed banks to investigate sources of income of their customers before account opening.

He gave the order yesterday when the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), led by its chairman, Yinka Tiamiyu, paid him a courtesy visit in Abuja.

The commission implored the auditors to take issues of transparency in banking operations seriously, adding that beginning from September 1, it would no longer be business as usual, as the commission would hold banks liable for established cases of institutional complicity in fraud.

Bawa, however, affirmed the anti-graft agency’s willingness to partner with the association in tackling financial crimes and related challenges in the industry.

“I will like to urge you to know your customers, the kind of businesses they do before opening accounts for them,” he said.

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