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EFCC Links Banks To 70% Of Financial Crimes, Urges Vigilance

The Economic and Financial Crimes Commission (EFCC) has indicated that approximately 70% of financial crimes in Nigeria are linked to the banking sector. Ola Olukayode, the Chairman of EFCC, made this disclosure at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria. Olukayode emphasized the need for concerted efforts by relevant authorities and audit professionals to address fraudulent practices within the banking sector. He urged the Association to focus on proper reconciliation of accounts, monitoring financial activities, and implementing measures to prevent and tackle fraudulent practices.

Key Points:

  • EFCC Chairman, Ola Olukayode, states that about 70% of financial crimes in Nigeria are traceable to the banking sector.
  • Olukayode highlights both inside and outside-related fraud within the banking sector, urging vigilance to curb anomalies.
  • The Association of Chief Audit Executives of Banks in Nigeria is charged with ensuring proper reconciliation of accounts and monitoring financial activities.
  • The association commits to addressing challenges in the foreign exchange sector and enhancing measures to prevent fraudulent activities.
  • Banks are urged to strengthen Know Your Customer (KYC) mechanisms to curb fraudulent practices.

This revelation underscores the importance of enhanced vigilance and regulatory measures within the banking sector to maintain financial integrity and security.

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