According to the Economic and Financial Crimes Commission, the commission seeks effective and solid collaboration with financial institutions to reduce illicit financial transactions, money laundering, terrorist financing and fraudulent activities.
That’s what Bawa Kaltingo, the zone manager in charge of the Sokoto zone office, said in an interactive session with compliance officers from major commercial banks operating in Sokoto.
According to Mr. Kaltingo, a good working relationship and close collaboration are necessary. The commission as well as commercial banks.
He said the commission needed the cooperation of financial institutions to investigate issues related to fraud, money looting and terrorist financing.
Officials of the @officialEFCC in an interactive session with compliance officers from major commercial banks operating in Sokoto to discuss effective ways to combat fraud, money laundering and terrorist financing in the state. pic.twitter.com/k1ra9WgTxG
– TVC News (@tvcnewsng) May 26, 2021
According to him, a quick response from banks to a request for a commission during an investigation can help thwart the activities of fraudsters.
He urged bank officials to follow the rules and ensure compliance with applicable laws to stop the activities of fraudsters and those who use the banking system to finance terrorism in various parts of the country.
Mr Kaltingo advised bank officials to constantly interrogate their data and monitor stocks at their branches, saying the commission discovered a billion naira deposited in an official’s account in Sokoto with the help of bank employees.
He claimed that people like this can use these accounts to finance terrorism and other crimes in the country, and that banks should work with the commission and other regulators to detect such actions.