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Edo 2020: EFCC Wants Banks To Report Suspicious Transactions

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(AFRICAN EXAMINER) – The Economic and Financial Crimes Commission, (EFCC) in Benin has asked the compliance officers of banks to be on alert for any hideous deal as the September 19 election in the state is almost close.

The Zonal Office Head of the EFCC, Muhtar Bello, enjoined the compliance officers to be ready as politicians may want to use the banks to perpetuate their aims.

“Once the transaction is above the stipulated threshold, you have a duty to report. So be alert,” Bello said while discussing with the Compliance Officers on behalf of the acting Executive Chairman, Umar Abba Mohammed.

Bello stressed on the need of bankers to be part of the fight against corruption in the country.

He said: “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.”

Bello called on the bankers to be professional in their dealings and adhere to banking rules.

He added: “Adhere to the rules of Know Your Customer and acquaint yourself with the Money Laundering Act, so you don’t fail in your duties.”


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