According to the Economic and Financial Crimes Commission, the commission is seeking an effective and robust collaboration with financial institutions in order to reduce illicit financial transactions, money laundering, terrorism financing, and fraudulent activities.
This was stated by Bawa Kaltingo, the zonal head in charge of the Sokoto Zonal office, during an interactive session with compliance officers from major commercial banks operating in Sokoto.
According to Mr. Kaltingo, there is a need for a good working relationship and strong collaboration between. The commission as well as the commercial banks.
He said the commission needs the cooperation of the financial institutions in carrying out investigation on issues bordering of fraud, money plundering and terrorism financing.
Officials from the @officialEFCC in an interactive session with compliance officers of major commercial banks operating in Sokoto discussing effective ways to fight fraud, money laundering and terrorism financing in the State. pic.twitter.com/k1ra9WgTxG
— TVC News (@tvcnewsng) May 26, 2021
According to him, prompt response of banks to commission demand during investigation may aid in frustrating the activities of fraudsters.
He pleaded with bank officials to follow the rules and ensure compliance with existing laws in order to halt the activities of fraudsters and those using the banking system to finance terrorism in various parts of the country.
Mr. Kaltingo advised bank officials to constantly query their data and watch actions in their branches, claiming that the commission uncovered one billion naira put in the account of a civil servant in Sokoto with the help of bank employees.
He claimed that persons like this may be using such accounts to fund terrorism and other crimes in the country, and that banks must work with the commission and other regulatory bodies to detect such actions.