Verify Documents Presented By Customers For Forex, EFCC Tells Banks

Verify Documents Presented By Customers For Forex, EFCC Tells Banks
Abdulrasheed Bawa

Economic and Financial Crimes Commission (EFCC) has warned banks against providing foreign exchange to customers who have no intention of travelling outside Nigeria.

The EFCC also stated that documents provided by customers seeking forex should be verified.

The Commander of the Uyo Zonal Command of the EFCC, Nwanneka Nwokike stated this on Wednesday, September 8, 2021, when he met with Chief Compliance Officers of banks in the zone.

According to a statement titled, ‘EFCC Cautions Banks Against Forex Malpractices,’ Nwokike stated that indications have emerged that some bank customers present fake travel documents including false flight bookings to obtain foreign exchange.

Also Read: BREAKING: CBN Orders Banks To Publish Names, BVN Of Forex Defaulters

He stated that the anti-graft agency under the leadership of EFCC Chairman, Abdulrasheed Bawa, has vowed to clamp down on forex offenders, be they bank officials or customers.

“Always report Bank officials who collude with criminal elements to collect foreign exchange. There are very strong indications that it is happening; go back and sensitise your staff, to ensure that they always do the right thing because ‘doing the right thing’ has become the new normal; therefore, proper verification of documents presented by customers for forex must be done.

“Again, the Commission will not entertain excuses, and will no longer look away when Banks fail to do their due diligence,” Nwokike said.

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