As the Edo State governorship election draws near, the Economic and Financial Crimes Commission, (EFCC) Benin zonal office, has advised compliance officers of banks to report suspicious transactions to the Commission.
Benin Zonal head of the EFCC, Muhtar Bello, stated this during a meeting with compliance officers of various banks in Benin City, Edo State.
Bello who spoke to the bankers on behalf of the acting Executive Chairman, Umar Abba Mohammed, charged the bankers to be alert as politicians may want to use banks for illicit transactions before, during and after the elections. “Once the transaction is above the stipulated threshold, you have a duty to report. So be alert, ” he said.
He noted that bankers have a key role to play in the fight against corruption and economic and financial crimes, but bemoaned the fact that most of the fraud committed by fraudsters, are aided by bankers. “Sometimes bankers are culpable because they do not always carry out due diligence and comprehensive Know Your Customers, KYC. KYC should be a continuous process,” he said.
He charged bankers to adhere strictly with banking rules, shun temptation in the line of duty and report any transaction that fails the simple rules of integrity. “Adhere to the rules of Know Your Customer and acquaint yourself with the Money Laundering Act, so you don’t fail in your duties”, he said.
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