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Banks and compliance officers have been cautioned by the Economic and Financial Crimes Commission (EFCC) to avoid protecting clients who are participating in financial fraud.
The commission issued the warning during a meeting with top compliance personnel from Kwara and Kogi States on Friday in Ilorin.
The officials have sensitive positions and are crucial to the battle against economic and financial crimes, according to Zonal Commander Michael Nzekwe.
According to Nzekwe, the purpose of the meeting was to inform banks on recent developments in cybercrime and explore potential areas for future cooperation as combatants.
The authority encouraged them to consistently do due diligence with regard to "Know Your Customer" and "Know Your Customer's Business."
Nzekwe claimed that doing this will keep them out of jail, facilitate EFCC operations, and assist to keep fraudulent consumers under notice.
He emphasized that "no major fraud, particularly money laundering, is ever committed without the complicity of bank officials."
Financial institutions were instructed by Nzekwe to rigorously abide by bank rules and regulations and exercise diligence in the performance of their tasks.
The commander said, "Bankers are expected to share necessary information and report suspicious transactions to the commission."
