The Economic and Financial Crimes Commission (EFCC) has cautioned that bank delays in disclosing requested information are slowing investigations, urging complete and timely cooperation from compliance offices across the country.
Mr Ola Olukoyede, Chairman of the EFCC, delivered the warning on Thursday in Enugu at a one-day sensitization event for Bank Compliance Officers in the South-East organized by the Commission’s Enugu Zonal Directorate.
Speaking through the Director, Enugu Zonal Directorate, the Commander of the EFCC, Daniel Isei, Olukoyede, defined compliance officers as “gatekeepers, not facilitators of criminal activities,” emphasizing that unprofessional conduct might harm banks’ reputations and lead to regulatory consequences.
According to him, compliance officers play an important role in protecting the financial system by ensuring that banking operations closely adhere to national anti-money laundering and counter-terrorism funding regulations.
“What we mostly seek from you is a clear sense of cooperation. A basic letter of investigation should be respected. Where information is necessary, it should be provided as soon as possible because any delay in giving such information stalls the investigation,” Olukoyede stated.
The EFCC chairman cautioned that the Commission would no longer accept excuses for regulatory violations, notably transactions without Bank Verification Numbers (BVNs). He referred to charges of system breakdowns or oversight as unacceptable compliance violations.
“As compliance officers, your role is to assist your bank in achieving healthy and consistent growth, not to subject it to needless consequences. “You must be professional, firm, and able to say when something violates established rules and guidelines,” he stated.
While congratulating banks on their contributions to Nigeria’s removal from the Financial Action Task Force (FATF) grey list, Olukoyede warned that any bank employees who intentionally withheld critical information from the EFCC would face harsh legal penalties.
“Our role is fundamentally about deterrence. You’re gatekeepers, not facilitators. What you allow to pass through your gate determines what comes out. “The era of willful blindness has ended,” he said.
He also decried the practice of tipping off clients when the EFCC issues directives like Place No Debit (PND) orders, calling it illegal and a threat to national security.
Olukoyede did, however, acknowledge the growing intelligence-sharing relationship between banks and the commission, urging South-East financial institutions to strengthen customer due diligence and Know Your Customer (KYC) procedures in order to deepen collaboration in combating corruption and financial crimes.
The claim was stated in a statement made yesterday by the Commission’s Head of Media and Publicity, Dele Oyewale.
About the Author
