EFCC Charges Banks On Improved KYC, Enhanced Collaboration

This charge was given on Tuesday, April 29, 2025 in Port Harcourt, Rivers State by the Acting Zonal Director of EFCC, Assistant Commander of the EFCC, ACE1 Adebayo Adeniyi while addressing bank compliance officers. He admonished them to always carry out their duties of conducting Customer Due Diligence and Know your Customers in order to strengthen the fight against corruption.

He also charged them to take their job seriously, ensure good collaboration with the Commission, good ethical conduct, honesty and accountability while dealing with their customers. He tasked them to always remind their customers that those who fail to comply with due diligence and KYC principles would be sanctioned.

“It is important to remind banks of their critical roles as major stakeholders in the fight against corruption and that there is a need for the Commission and the banks to work together”, he said. He pointed out that issues of identifying bank customers and for banks to update records of their customers are very important to facilitate investigation processes.

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He specifically cautioned account officers against encouraging internet fraudsters to commit fraud through multiple accounts creation or alerting their customers that they are under investigation by the EFCC or that their accounts have been flagged. “In as much as you have to protect the bank, don’t do so at the detriment of the nation, do not protect the bank and destroy the image of your own family and that of the society”, he said.

Responding, one of the compliance officers, Edward Keto, appreciated the efforts of the Commission adding that “ it is a privilege to have this kind of meeting with the Commission and it will help in dealing professionally with our customers”.