{"id":356653,"date":"2021-05-25T21:58:18","date_gmt":"2021-05-25T20:58:18","guid":{"rendered":"https:\/\/arewa.ng\/?p=356653"},"modified":"2021-05-25T21:59:16","modified_gmt":"2021-05-25T20:59:16","slug":"insider-connections-facilitate-most-banking-frauds-efcc","status":"publish","type":"post","link":"https:\/\/arewa.ng\/?p=356653","title":{"rendered":"Insider connections facilitate most banking frauds \u2013 EFCC"},"content":{"rendered":"
\"EFCC
\nMr Bawa Usman, Zonal Head of the Economic and Financial Crimes Commission (EFCC), in Sokoto, has said that insider connections facilitate most financial frauds in the banking industry.
\nBawa, whose zone covers Sokoto, Kebbi and Zamfara States, stated this on Tuesday in Sokoto at a roundtable with Compliance Officers of various commercial banks.
\nHe said that the meeting was convened to strengthen relationship and collaborations between the EFCC and commercial banks as a way to sanitise the system against frauds.
\nThe Zonal Head said that the commission often encounter delay in getting responses to investigation letters forwarded to banks.
\n\u201cSuch delays jeopardise our investigation. Financial institutions must collaborate with us toward curtailing money laundering, illegal financing and other illicit flows of money.
\n\u201dThe meeting is a response to the directive of the EFCC leadership. It is one of numerous strategies toward fighting all manners of corruption.
\n\u201dThe commission strives to ensure that fraudsters do not get away with proceeds of crimes undetected. To achieve this, we are appealing to all banks to facilitate better working relationship with the anti-graft agency.\u201d
\nHe enjoined bankers to improve on ways of tracking illicit finances and transactions, stressing that Point of Service Operators (POS) or money agents needed to be well informed on financial regulations.
\nUsman further urged banks to put more effort toward ensuring that eligible bank customers obtained Special Control Unit Against Money Laundering (SCUML) numbers, and stressed the need to review their data registers to ensure compliance.
\nHe called for complete investigation of cases rather than stopping half way, noting that complete checks usually offer opportunity to know how frauds happened and the best way to avoid recurrences.
\nHe expressed disappointment with the idea of opening bank accounts with mere phone numbers, arguing that nearly 40 per cent of Americans do not have accounts.
\n\u201cNearly 40 per cent of Americans do not have accounts. So, it is not very compulsory for everybody in Nigeria to have a bank account,\u201d he said.
\nThe officer advised banks to strictly monitor activities and understand that regulations from the Central Bank of Nigeria (CBN) do not supersede the money laundering act enshrined in the Nigerian constitution.
\nResponding, a participant, Mr Jimoh Jamiu, from Fidelity Bank, said that the banks were trying their best toward combating money laundering.
\nRecall that discussions centred around bank compliance techniques with the EFCC officials responding to various questions<\/p>\n

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Mr Bawa Usman, Zonal Head of the Economic and Financial Crimes Commission (EFCC), in Sokoto, has said that insider connections facilitate most financial frauds in the banking industry. Bawa, whose zone covers Sokoto, Kebbi and Zamfara States, stated this on Tuesday in Sokoto at a roundtable with Compliance Officers of various commercial banks. He said […]<\/p>\n","protected":false},"author":1,"featured_media":353697,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3773],"tags":[16377,866,14202,200],"class_list":["post-356653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crime","tag-bawa","tag-efcc","tag-financial-banking","tag-sokoto"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/356653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=356653"}],"version-history":[{"count":0,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/356653\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/media\/353697"}],"wp:attachment":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=356653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=356653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=356653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}