Insider connections facilitate most banking frauds – EFCC | Dailytrust

Insider connections facilitate most banking frauds – EFCC

Mr Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission (EFCC)
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The Zonal Head of the Economic and Financial Crimes Commission (EFCC), in Sokoto, Mr Bawa Usman Kaltungo, has said that insider connections facilitate most financial frauds in the banking industry.

Kaltungo, 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 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.

The Zonal Head said that the commission often encounter delay in getting responses to investigation letters forwarded to banks.

“Such delays jeopardise our investigation. Financial institutions must collaborate with us toward curtailing money laundering, illegal financing and other illicit flows of money.

”The meeting is a response to the directive of the EFCC leadership. It is one of the numerous strategies toward fighting all manners of corruption.

”The 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.” (NAN)